Westwater Resources Executes Letter of Intent with Dainen Material, a Japanese Anode Supplier to Leading Japanese Manufacturers
June 07 2023 - 6:45AM
Business Wire
Westwater to source CSPG from its Kellyton
advanced graphite processing plant
Westwater Resources, Inc. (NYSE: American: WWR), an
energy technology and battery-grade natural graphite company
(“Westwater Resources”), today announced the execution of a letter
of intent (“LOI”) with Dainen Material Co., Ltd. (“Dainen”) for the
supply and purchase of coated spherical purified graphite (“CSPG”).
As is standard, the LOI is subject to customary conditions and
specifications that will be included in a future definitive
agreement.
Dainen offers high-performance, natural graphite anode materials
to leading Japanese manufacturers of automotive lithium-ion
batteries. Westwater will supply CSPG to Dainen from the Kellyton
advanced graphite processing plant, which is under construction in
east-central Alabama.
“The LOI with Dainen is another positive step toward
commercialization of materials that will be produced at our
Kellyton plant,” said Terence J. Cryan, Westwater’s Executive
Chairman. “The passage of the Inflation Reduction Act, and its
economic incentives to source critical materials like graphite
domestically, is driving strong interest in our business from
leading companies throughout the battery industry. Dainen brings a
wealth of experience as a leading anode supplier to the Japanese
hybrid and battery electric market, and we are honored to work with
them to expand our business.”
“Dainen is pursuing strategic partnerships to secure
high-quality battery materials,” said Hajime Okui, Dainen Corporate
Officer and Technical Supervisor. “We are encouraged by initial
testing of Westwater’s CSPG and look forward to supporting the
qualification of their materials with Japanese automakers.”
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 Advanced Graphite
Processing Plant that is under construction in east-central
Alabama. In addition, Westwater Resources’ 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 Dainen Material Co., Ltd.
Dainen Material is a subsidiary of Dainen Corporation and has
been engaged in carbon-related operations for over 80 years. Dainen
is involved in a wide range of businesses, including the
development, manufacturing, and recycling of Anode materials for
lithium-ion batteries, as well as black mass production. Dainen
takes pride in its deep understanding, and extensive experience and
has established its own quality standards to meet the stringent
requirements of the Japanese market in terms of technical
development and quality assurance. Dainen is highly excited about
the collaboration with Westwater Resources and looks forward to
working together.
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,” “driving,”
and “positive step,” 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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version on businesswire.com: https://www.businesswire.com/news/home/20230607005169/en/
Westwater Resources, Inc. Email:
Info@WestwaterResources.net
Investor Relations Email:
Investorrelations@WestwaterResources.net
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