Westwater Resources Announces Joint Development Agreement with SK On, a Leading Electric Vehicle Battery Manufacturer
- Westwater to develop anode materials tailored for SK On battery plants in the U.S.
- Graphite anode materials to be produced at Westwater's Kellyton processing plant
Westwater Resources Inc. (NYSE: American: WWR), an energy technology and battery-grade natural graphite company ("Westwater Resources" or the "Company"), today announces a joint development agreement ("JDA") with SK On ("SK On"), a leading electric vehicle battery manufacturer, supplying electric vehicle batteries to Ford, Hyundai, Volkswagen and others.
Under the JDA, the two companies will work together to develop environmentally responsible, high performance anode materials customized for SK On batteries. Upon the 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.
"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."
"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 strengthen our materials supply chain in North America and ensure we can help meet the increasing demand for electric vehicles in the U.S."
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 westwaterresources.net.
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.
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," "expect," "develop," and "may allow" 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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