Joint Development Agreement aims to produce
anode materials tailored for SK On batteries
Deal with U.S. firm shows SK On's efforts to
boost raw battery material supply chain in North America
SEOUL,
South Korea, May 2, 2023
/PRNewswire/ -- SK On, a leading electric vehicle (EV) battery
manufacturer, announced today it has signed a joint development
agreement (JDA) with U.S. graphite company Westwater Resources Inc.
(NYSE: WWR) as part of efforts to strengthen its battery raw
material supply chain in North
America following the enactment of the Inflation Reduction
Act (IRA).
The partnership is part of SK On's efforts
to diversify its supply chain and support a growing U.S.
manufacturing base.
Under the agreement, the two companies will work together to
develop environmentally responsible, high-performance anode
materials tailored for SK On batteries. Should the project end with
successful results, SK On will consider an option of sourcing
Westwater's anode materials for use at its battery manufacturing
facilities in the U.S.
SK On currently operates two EV battery plants in Commerce, Georgia. The South Korean battery
maker is also building three EV battery plants in the U.S. with
Ford Motor Co. BlueOval SK, the joint venture between SK On and
Ford, plans to operate two battery plants in Glendale, Kentucky, and one factory in
Stanton, Tennessee.
SK On recently agreed with Hyundai Motor Group to establish an
EV battery plant in Bartow County,
Georgia, through a joint venture.
Established in 1977, Westwater Resources is an energy technology
company focused on developing U.S.-based battery-grade natural
graphite anode materials. Headquartered in Centennial, Colorado, the company holds
mineral rights to explore and potentially mine the Coosa Graphite
Deposit that is located across 42,000 acres in Coosa County, Alabama.
Westwater is currently building a graphite processing plant in
Kellyton, Alabama. The first phase
of plant construction will produce 7,500 metric tons of refined
graphite each year.
Anode is one of the four main components for lithium-ion
batteries along with cathode, electrolyte and separator. It
determines the battery life and charging speed. Currently, graphite
is the dominating anode material in commercial lithium-ion
batteries.
The latest U.S. partnership with Westwater paves the way for
sourcing anode materials in North
America in the future as part of SK On's efforts to
diversify its supply chain with the goal of taking advantage of
provisions with the IRA.
"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 look for options that can strengthen our materials supply chain
in North America and ensure we can
help meet the increasing demand for electric vehicles in the
U.S."
"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."
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.
For more information, please visit: http://eng.sk-on.com/
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:
http://westwaterresources.net.
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SOURCE SK On