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[Alpha Biz=(Chicago) Reporter Kim Jisun] SK ON announced on December 12 that it has signed a natural graphite supply contract with West Water Resources, a US cathode material partner.
Westwater will supply natural graphite produced at a refinery in Kelinton, Alabama, from 2027 to 2031 to SK-On's U.S. plant. It is a "conditional off-take" contract in which a material under development meets certain conditions and is purchased at a pre-agreed price. Depending on the pace of growth in the North American automotive electrification market, up to 30,000 4000ts can be purchased within the contract period.
After signing a joint development agreement for battery cathode materials in May last year, the two companies will further expand their partnerships. Anode materials made of graphite refined by Westwater will be applied to batteries under development by SK On and its performance will be improved together.
SK ON expects the US to increase its ability to respond to the Inflation Reduction Act (IRA) by expanding cooperation to the purchase of natural graphite.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
