Westwater Resources hits major milestone with first off-take agreement for graphite
Vancouver, Canada
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February 20, 2024 11:04 AM Eastern Standard Time
Westwater Resources CCO Jon Jacobs joined Steve Darling from Proactive to announce a significant milestone for the company: the signing of its first off-take agreement with SK On Co, a prominent electric vehicle (EV) battery manufacturer supplying batteries to major automotive brands such as Ford, Hyundai, and Volkswagen.
According to Jacobs, Westwater Resources will supply CSPG-10 natural graphite anode products from its Kellyton Graphite Plant, located near Kellyton, Alabama, to SK On's battery plants within the United States.
Under the agreement, SK On will be committed to purchasing a specified quantity of product annually, with the option to increase the minimum purchase amount through mutual agreement between the parties. Notably, the forecasted volume required by SK On in the final year of the off-take agreement is set at 10,000 metric tons of product.
This off-take agreement marks a significant achievement for Westwater Resources, as it represents the company's first contract for the supply of CSPG between a South Korean EV battery manufacturer and a U.S. natural purified graphite producer.
Additionally, Jacobs mentioned that the company is actively engaged in negotiations for additional off-take agreements with other customers.
This strategic partnership with SK On underscores Westwater Resources' growing presence in the EV supply chain and its commitment to meeting the increasing demand for graphite anode products essential for electric vehicle batteries.
As the EV market continues to expand rapidly, Westwater Resources is well-positioned to capitalize on emerging opportunities and solidify its position as a key player in the global graphite market. Stay tuned for further updates as the company progresses with its off-take agreements and advances its graphite production capabilities.
Contact Details
Proactive USA
+1 347-449-0879
