Dow Chemical Company chief executive officer Andrew Liveris will take a board position at ASX-listed lithium-ion battery materials company Novonix, and will invest half a million dollars into the junior play.
Liveris will join the board of the $100 million business after he steps down from Dow, and from his executive chairman role at DowDuPont, in 2018.
For his $500,000 investment, Liveris will take just under 758,000 shares in the lithium business.
He will serve as a non-executive director of the company, with a focus on market entry and growth opportunities, particularly in North America.
“The rechargeable battery market offers huge global growth, with the opportunity to supply differentiated products and establish market share during this relatively early stage of market maturity,” Liveris said.
“I am excited with the prospect of growing Novonix and its technology in the international and especially the US markets. The team is focused on innovation and new manufacturing jobs in the clean energy space – particularly in the United States – something about which I have been passionate for a long time.”
Novonix chairman Tony Bellas said the board was “delighted” to add Liveris.
“As Andrew’s first new board appointment when he steps down from executive duties at Dow and DowDuPont, we are keen to work closely with him as we gear up for initial production and develop customer relationships,” Bellas said.