Rich lister and power industry titan Trevor St Baker, the largest investor in Novonix (ASX: NVX), has resigned from the board of titanium battery technology company with plans to expand his interests in the energy technology sector.
St Baker, the founder and director of the St Baker Energy Innovation Fund (SBEIF), cites ‘excessive board representations’ as his reason for exiting Novonix, a company in which he has a 15.5 per cent interest. Among the other high-profile investments held by SBEIF are EV-charging stations group Evie Networks and EV-charging technology company Tritium (NASDAQ: DCFC).
In an announcement to the ASX, Novonix reveals that St Baker, who established one of Australia's first private electricity generation and retail companies, ERM Power, before selling it to Shell Energy Australia in 2019, will be devoting more of his time establishing a new fund within the SBEIF stable.
The move comes just months after the Brisbane-based Novonix secured a listing on the Nasdaq. St Baker has made it clear he is not reviewing his investment in the company
“I am really very pleased to have been able to contribute as a director of Novonix in its exciting establishment as such an important player in the decarbonisation transformation of global energy and transport businesses,” says St Baker.
“I am also excited about the company’s continuing growth as a significant battery material and energy storage solution provider as these sectors grow to serve these transformations, and my resignation should not reflect any diminution of interest by SBEIF or of the St Baker family in Novonix as a serious growth stock in our investment portfolios.”
The share market wasn’t fazed by the move, marking Novonix shares as high as $4 in early trade before easing back to yesterday’s close in early trading.
St Baker’s exit from the board has also led to the departure of Chris Hay who was appointed as an alternate director for St Baker a year ago.
“The board of Novonix greatly appreciates Trevor’s contribution to the growth and development of Novonix, as well as the continued commitment of SBEIF and the St Baker family as shareholders and investors in Novonix,” says chairman Bob Natter.
“We have a strong board succession plan in place, and together we look forward to the continued growth of the company.”
Novonix, with operations in Canada and the US, is a supplier of high-capacity long-life synthetic graphite anode material used to enhance the storage capacity of batteries.
The company earlier this year signed a technology development agreement with US-based energy giant Phillips 66 to advance production of anode material for lithium-ion batteries in North America.
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