SK On signs lithium hydroxide supply deal with world's leading producer SQM

7 November 2022, 01:55:46

SK On signs lithium hydroxide supply deal with world's leading producer SQMSK On announced today it signed a lithium hydroxide supply deal with Chile’s SQM, a move that will further strengthen the company’s supply chain for critical battery materials in coping with the U.S. Inflation Reduction Act (IRA) following its recent deals with Australian lithium developers.

Under the deal, SK On shall purchase up to 57,000 tons of high-quality lithium hydroxide for five years starting in 2023. This amount is enough to produce batteries for approximately 1.2 million electric vehicles (EVs). In addition to the supply deal, SK On and SQM agreed to discuss a mid-to long-term partnership to enhance their cooperative relationship, including additional lithium supply, potential investment in production plants, and waste battery recycling.

In addition, SK On secured various contracts on key battery materials with global suppliers, including a memorandum of understanding (MOU) on lithium supply with Australia’s Global Lithium Resources, a cobalt supply contract with Switzerland’s Glencore, and an MOU with Korea’s POSCO Holdings on comprehensive business cooperation in the battery business.

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EV Specifications

Complete specifications of EVs, grouped according to their brand and year

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2022 GMC Hummer EV Pickup

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2023 Rivian R1T

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2023 Rivian R1S

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Electric motor #2: 305 kW, 560 Nm, Location: Front
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2022 Audi e-tron S quattro

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2021 Audi e-tron S Sportback quattro

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2021 Audi e-tron S quattro

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2022 Mercedes-Benz EQS

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