Westwater Resources Inc (NYSE-A:WWR) has announced a joint development agreement (JDA) with SK On, a leading electric vehicle (EV) battery manufacturer.
The JDA aims to develop environmentally responsible, high-performance anode materials customized for SK On batteries. Upon 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.
Terence Cryan, Westwater’s executive chairman, said in a statement: “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. Following the passage of the Inflation Reduction Act, many battery manufacturers have sought to secure North American anode material from our Kellyton plant.”
Headquartered in Seoul, South Korea, SK On has a worldwide presence with battery plants currently operating or in construction across the US, Europe, and Asia.
Sun Heeyoung, SK On vice president in charge of advanced research, commented: “SK On has been pursuing strategic partnerships to secure high-quality battery raw materials to support our growing US manufacturing base. 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 US.”
Westwater Resources is an energy technology company that is focused on developing battery-grade natural graphite. The company's primary project is the Kellyton Graphite Processing Plant which 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 (more than 17,000 hectares) in Coosa County, Alabama.
Contact the author at jon.hopkins@proactiveinvestors.com