Novonix (NVX) said late Thursday it has entered a licensing agreement with Harper International to obtain the rights and use of its continuous, induction-based graphitization furnace technology for the production of batteries.

After an initial payment within 12 months of the agreement's signing, Novonix will have the exclusive license to use the technology to further develop the furnaces used for the thermal production of graphite material for use in the battery anode market, the company said.

Once certain performance objectives are met and the company pays additional licensing fees, the deal will expand to include the right to build equipment using the licensed technology, Novonix said.