Westwater Resources, Inc., an energy technology and battery-grade natural graphite company (“Westwater Resources”), announced the execution of a letter of intent (“LOI”) with Dainen Material Co., Ltd. (“Dainen”) for the supply and purchase of coated spherical purified graphite (“CSPG”). As is standard, the LOI is subject to customary conditions and specifications that will be included in a future definitive agreement.
Dainen offers high-performance, natural graphite anode materials to leading Japanese manufacturers of automotive lithium-ion batteries. Westwater will supply CSPG to Dainen from the Kellyton advanced graphite processing plant, which is under construction in east-central Alabama.
“The LOI with Dainen is another positive step toward commercialization of materials that will be produced at our Kellyton plant,” said Terence J. Cryan, Westwater’s Executive Chairman. “The passage of the Inflation Reduction Act, and its economic incentives to source critical materials like graphite domestically, is driving strong interest in our business from leading companies throughout the battery industry. Dainen brings a wealth of experience as a leading anode supplier to the Japanese hybrid and battery electric market, and we are honored to work with them to expand our business.”
“Dainen is pursuing strategic partnerships to secure high-quality battery materials,” said Hajime Okui, Dainen Corporate Officer and Technical Supervisor. “We are encouraged by initial testing of Westwater’s CSPG and look forward to supporting the qualification of their materials with Japanese automakers.”
