South Korean battery producer SK On has signed a joint growth settlement (JDA) with US graphite firm Westwater Assets (NYSE: WWR) as a part of efforts to strengthen its battery uncooked materials provide chain in North America.

Beneath the settlement, the 2 firms will work collectively to develop environmentally accountable anode supplies tailor-made for SK On batteries. If the venture exhibits profitable outcomes, SK On will contemplate sourcing Westwater’s anode supplies to be used at its battery manufacturing services within the US.

SK On at present operates two EV battery vegetation in Commerce, Georgia, and can also be constructing three EV battery vegetation within the US with Ford. BlueOval SK, SK On/Ford three way partnership, plans to function two battery vegetation in Glendale, Kentucky, and one in Stanton, Tennessee. SK On lately agreed with Hyundai to ascertain an EV battery plant in Bartow County, Georgia, by way of a three way partnership.

Colorado-based Westwater Assets is concentrated on growing US-based battery-grade pure graphite anode supplies. The corporate holds mineral rights to discover and doubtlessly mine the Coosa Graphite Deposit situated throughout 42,000 acres in Alabama. Westwater is at present constructing a graphite processing plant in Kellyton, Alabama. The primary section of plant development will produce 7,500 metric tons of refined graphite every year.

“SK On has been pursuing strategic partnerships to safe high-quality battery uncooked supplies to assist our rising US manufacturing base,” mentioned Solar Heeyoung, SK On Vice President answerable for superior analysis. “With this settlement, we’ll proceed to search for choices that may strengthen our supplies provide chain in North America and guarantee we may also help meet the rising demand for electrical automobiles within the US.”

“The JDA with SK On is one other main development in Westwater’s graphite enterprise, and we’re extraordinarily excited to companion with a number one world battery producer,” mentioned Terence Cryan, Westwater’s Govt Chairman. “Following the passage of the Inflation Discount Act, many battery producers have sought to safe North American anode materials from our Kellyton plant.”

Supply: Westwater Assets