Westwater Resources Announces Joint Development Agreement with SK On, a Leading Electric Vehicle Battery Manufacturer
May 02 2023 - 7:00PM
Business Wire
- Westwater to develop anode materials tailored for SK On
battery plants in the U.S.
- Graphite anode materials to be produced at Westwater’s Kellyton
processing plant
Westwater Resources, Inc. (NYSE: American: WWR), an
energy technology and battery-grade natural graphite company
(“Westwater Resources” or the “Company”), today announces a joint
development agreement (“JDA”) with SK On (“SK On”), a leading
electric vehicle battery manufacturer, supplying electric vehicle
batteries to Ford, Hyundai, Volkswagen and others.
Under the JDA, the two companies will work together to develop
environmentally responsible, high performance anode materials
customized for SK On batteries. Upon the successful completion of
the development effort, the parties expect to negotiate another
agreement that may allow for the sale of potentially all Coated
Spherical Purified Graphite (“CSPG”) anode material from the
Kellyton Graphite Processing Plant.
“The JDA with SK On is another major advancement in Westwater’s
graphite business, and we are extremely excited to partner with a
leading global battery manufacturer,” said Terence Cryan,
Westwater’s Executive Chairman. “Following the passage of the
Inflation Reduction Act, many battery manufacturers have sought to
secure North American anode material from our Kellyton plant.”
“SK On has been pursuing strategic partnerships to secure
high-quality battery raw materials to support our growing U.S.
manufacturing base,” said Sun Heeyoung, SK On Vice President in
charge of advanced research. “With this agreement, we will continue
to strengthen our materials supply chain in North America and
ensure we can help meet the increasing demand for electric vehicles
in the U.S.”
About Westwater Resources, Inc.
Westwater Resources is an energy technology company that is
focused on developing battery-grade natural graphite. Westwater
Resources’ primary project is the Kellyton Graphite Processing
Plant that is under construction in east-central Alabama. In
addition, Westwater Resource’s Coosa Graphite Deposit is the most
advanced natural flake graphite deposit in the contiguous United
States — and is located across 41,965 acres (~17,000 hectares) in
Coosa County, Alabama. For more information, visit
westwaterresources.net.
About SK On
SK On is a global leading electric vehicle (EV) battery
developer, manufacturer, and solutions provider whose mission is to
make our world a cleaner and more convenient place as an
electrification linchpin.
SK On was launched as an independent company in October 2021
after SK Innovation, South Korea’s largest energy company, decided
to split off its battery business unit. SK On aims to become a
world leader in the clean energy industry by leveraging its global
production base and R&D capabilities, as well as its production
and quality management know-how.
Headquartered in Seoul, South Korea, SK On has a worldwide
presence with battery plants currently operating or in construction
across the United States, Europe, and Asia.
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to risks, uncertainties and
assumptions and are identified by words such as “will,” “expect,”
“develop,” and “may allow” and other similar words. Forward-looking
statements in this release include, among other things, statements
concerning Westwater’s future sales prospects, and the amounts and
types of products included within those sales. Westwater cautions
that there are certain factors that could cause actual results to
differ materially from the forward-looking information that has
been provided. The reader is cautioned not to put undue reliance on
this forward-looking information, which is not a guarantee of
future performance and is subject to a number of uncertainties and
other factors, many of which are outside the control of Westwater;
accordingly, there can be no assurance that such suggested results
will be realized. Additional risks facing Westwater‘s future
prospects are discussed in the Westwater Resources, Inc. Annual
Report on Form 10-K for the year ended December 31, 2022, and
subsequent securities filings.
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Westwater Resources, Inc. Email:
Info@WestwaterResources.net
Investor Relations Email:
Investorrelations@WestwaterResources.net
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