LG Energy Solution announced that it has partnered with Syrah Resources Limited to evaluate natural graphite anode material. Under the terms of the agreement, LG Energy Solutions and Syrah will verify and test the natural graphite from the Vidalia production facility of Syrah in Louisiana, the US that is scheduled to begin production in 2023.
Through the verification and testing procedures, both companies will ensure that the products will satisfy the technical requirements of LG Energy Solutions for natural graphite, and they will commit efforts to determine the final product specifications by the end of this year.
Based on the results of the evaluation, both Syrah and LG Energy Solutions will use commercially reasonable efforts to sign an agreement by the end of 2022. The annual procurement targets for natural graphite will start at 2,000 metric tons in 2025, and will continuously increase in upcoming years.
Youngsoo Kwon, chief executive officer of LG Energy Solution, said that this partnership demonstrates their devotion to diversifying the critical minerals portfolio by directly procuring from regional and local suppliers in North America, as natural graphite is one of the battery materials with the least diverse supply chain.
Shaun Verner, MD and CEO of Syrah, said that they are very happy to partner with LG Energy Solution as a key step toward the supply of anode materials, and to support further development of the company’s Vidalia production facility.
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