Graphite has been the workhorse of lithium ion battery anodes for decades. It is stable, conductive and widely used, but its theoretical capacity limits how much energy it can store. Silicon offers more than ten times the theoretical capacity of graphite, but its expansion during charging has made it difficult to engineer into durable commercial batteries. HPQ Silicon’s strategic partner, Novacium, has spent years working to overcome that challenge. Now, its silicon based technology is being evaluated alongside material developed by an established graphite producer.
On September 10, 2026, Novacium announced the launch of exploratory technical work with Tokai COBEX Savoie, the French entity of Tokai COBEX, which is part of Japan’s Tokai Carbon Group. The companies will evaluate whether Novacium’s high capacity silicon based anode material can be combined with Tokai COBEX’s 99.99% purity, low carbon synthetic graphite. If the results are successful, the work could support the development of a complete, high performance and low carbon anode material designed and potentially produced in France. For HPQ shareholders, the announcement provides another potential pathway for creating value from the company’s 36.8% equity interest in Novacium.
WHAT YOU NEED TO KNOW
- Established Industrial Experience: Tokai COBEX is an international carbon and graphite producer whose industrial sites have nearly 130 years of history. Its French operations expanded into battery graphite several years ago.
- Sovereign European Potential: Novacium and Tokai COBEX are evaluating a material that could combine French produced synthetic graphite with Novacium’s silicon based technology. If successful, it could contribute to a more integrated and resilient French battery supply chain.
- Proven Cell Performance: Novacium’s GEN3 material enabled 18650 cells to achieve an average capacity of 4,030 mAh and retain more than 3,000 mAh after 1,000 cycles. GEN4 material subsequently enabled 21700 cells to average more than 6,600 mAh under a standard testing protocol.
- Safety And Transportation Testing: An HPQ ENDURA+ GEN4 6,500 mAh cell platform obtained UL 1642 safety certification from an accredited independent laboratory. HPQ has also announced UN 38.3 transportation certification for its GEN4 21700 cells.
- Commercial And Customer Activity: Novacium received an order for GEN3 battery packs intended to power FPV drones destined for a French Army regiment. It also delivered 30 custom configured battery packs to three European drone manufacturers for final-stage evaluation.
WHY GRAPHITE NEEDS SILICON
Graphite has a theoretical specific capacity of approximately 372 mAh per gram. Silicon has a theoretical capacity of approximately 4,200 mAh per gram, giving it the potential to store substantially more energy. The challenge is controlling silicon’s expansion. Its volume can increase by more than 300% as it absorbs lithium during charging. Without the right material engineering, that expansion can damage the anode and shorten battery life.
Novacium has developed silicon based materials designed to increase capacity while working within predominantly graphite based anodes. The reported results show that Novacium’s material has been incorporated into both 18650 and 21700 cylindrical cells, with GEN3 retaining more than 3,000 mAh after 1,000 cycles. The Tokai COBEX initiative will evaluate how Novacium’s material performs when paired specifically with Tokai COBEX graphite. The teams will assess compatibility, performance and the economic viability of a potential integrated solution.
Bernard Tourillon said during the interview that some testing has already taken place and that Novacium understands how its material performs with synthetic graphite. Further work will be required to determine the appropriate formulation for Tokai COBEX’s material.
FROM BATTERIES TO MATERIAL PARTNERSHIPS
Novacium initially focused on developing and supplying silicon based anode materials. It later expanded into cells and custom battery packs to demonstrate how its technology performs in complete battery applications. That strategy has produced measurable results, including advanced cell capacities, safety and transportation certifications, an initial defence related order and battery packs delivered to drone manufacturers for final-stage evaluation.
The Tokai COBEX initiative introduces another potential commercial pathway.
Instead of entering the graphite market alone, Novacium could work with established graphite producers that already possess manufacturing expertise and industrial infrastructure. Tourillon discussed licensing and joint ventures as possible future business models, although no commercial arrangement with Tokai COBEX has been announced. The proximity of the two technical teams could also help move the work forward. Novacium is based in Solaize, France, while Tokai COBEX operates an R&D centre in nearby Vénissieux. According to the announcement, this proximity should facilitate exchanges, shorten testing cycles and accelerate technical iterations.
CEO BERNARD TOURILLON
“This collaboration illustrates Novacium’s strategic positioning. As graphite-based anode materials approach their theoretical capacity limits, integrating silicon-based materials represents one of the most promising avenues for enabling graphite manufacturers to offer higher-performance anode materials.”
Tourillon explained during the interview that the initiative provides Novacium with another potential pathway to monetize its technology and expertise. He also emphasized that the technical work must be completed before any business decision is made.
INVESTOR TAKEAWAY
This announcement is not a commercial contract. It is an exploratory technical program with no binding commitment and no assurance that it will result in an agreement, industrial production or commercialization. Its importance is the opportunity being evaluated. An established graphite producer is testing whether its French produced synthetic graphite can be combined with Novacium’s silicon based material to create a more complete, higher capacity and lower carbon anode solution.
For HPQ, the initiative adds a potential material partnership pathway alongside its existing work involving ENDURA+ cells, custom battery packs and silicon based anode materials. The broader battery program has moved beyond laboratory testing with an initial order and battery packs delivered for final-stage customer evaluations. The Tokai COBEX initiative remains exploratory, but it places Novacium’s technology alongside an established industrial graphite producer with the experience and infrastructure to evaluate its potential.
If the materials prove compatible and the economics support further development, the companies could consider a more formal relationship. Until then, the key milestone is clear: Tokai COBEX has publicly agreed to evaluate Novacium’s silicon based technology as part of a potential sovereign European anode material solution.
Last modified: September 10, 2026
