SK On signs lithium deal with EcoPro to boost IRA compliance
Under the deal, SK On will receive up to 6,000 metric tons of domestically produced lithium hydroxide by the end of this year, enough to power approximately 100,000 electric vehicles. The lithium will be processed through domestic cathode plants before being shipped to SK On's US battery facilities.
Lithium hydroxide, a critical ingredient in nickel-cobalt-manganese cathodes, has traditionally been sourced from overseas, mostly from China. By securing domestic materials, SK On aims to enhance price competitiveness and reduce geopolitical risk. Notably, Korean-made lithium hydroxide qualifies under the IRA's Advanced Manufacturing Production Credit, helping SK On secure tax credits and improve cost efficiency in the US market.
EcoPro Innovation CEO Kim Yoon-tae said the deal marks their first lithium hydroxide supply to a global battery maker and will help expand their presence in North America and Europe.
'We're building a stable supply chain amid shifting global policies,' said Park Jong-jin, head of strategic purchasing at SK On. 'Securing competitive materials and diversifying partners will boost our North American capabilities.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
6 hours ago
- Korea Herald
Hanwha Aerospace posts record Q2 earnings on defense, shipbuilding boom
Korea's leading defense contractor Hanwha Aerospace on Thursday reported a record-high second-quarter revenue of 6.27 trillion won ($4.5 billion), marking a 169 percent increase compared to the same period last year. Operating profit also surged 156 percent on-year to 864.4 billion won. 'The second quarter saw strong growth, driven by robust performance in the land defense sector and stable results from Hanwha Ocean,' a company official said. 'In the second half, we plan to expand our order book, with a focus on the Middle East and Europe while also advancing future growth engines following the successful fourth launch of the Nuri rocket.' The land defense division posted 1.77 trillion won in revenue and 554.3 billion won in operating profit, up 43 percent and 113 percent on-year, respectively. The company attributed the sharp profit increase to a combination of customer-requested delays in recognizing certain development and sales costs until the second half, and faster-than-expected production and delivery of Chunmoo, the self-propelled multiple rocket launch system, to Poland. With 51 units delivered in the first half alone, Hanwha Aerospace raised its full-year delivery guidance from 50 to 80 units. Its shipbuilding subsidiary Hanwha Ocean also contributed significantly, reporting 3.29 trillion won in revenue and 371.7 billion won in profit, led by strong demand for high-value liquefied natural gas carriers. Separately, the company is exploring an initial entry into the US ammunition market, potentially using part of the 4.2 trillion won it secured through a recent rights offering. However, it remains unclear whether this would be included in the Korean government's $350 billion investment pledge to the US, announced as part of a tariff agreement on the same day, the company said. Hanwha Aerospace added that it expects to be less impacted by the US tariff policy than other sectors like automobiles or steel, as much of the defense value chain is linked to countries such as the United Kingdom rather than directly to the US.
Korea Herald
8 hours ago
- Korea Herald
Morocco marks Throne Day, touts strategic momentum with Korea
Morocco on Wednesday touted strategic momentum in its bilateral ties with South Korea as it marked Throne Day, commemorating the 26th anniversary of King Mohammed VI succeeding his father, King Hassan II. Speaking at a commemorative event, Moroccan Ambassador to Korea Chafik Rachadi hailed his country's macroeconomic stability, a 55 percent rise in foreign direct investment in 2024, and the emergence of Morocco as Africa's largest car producer and a major player in the aerospace industry. 'Over 40 percent of our electricity comes from renewables, and Morocco is investing heavily in solar, wind and green hydrogen projects, aiming to reach 52 percent renewable capacity by 2030,' said Rachadi. He noted the expansion of Moroccan-Korean ties, recalling that Korea's first African embassy was established in Morocco and highlighting Morocco's support for South Korea during the 1950-53 Korean War. Rachadi also paid special tribute to the two Moroccan soldiers who were killed during the war. According to the Ministry of Patriots and Veterans Affairs, the two Moroccan soldiers were Mohamed El Asry, who died from chest wounds near Wonju in March 1951, and Julien Djian, who was killed in action in July 1953, shortly before the signing of the Armistice Agreement. They were among the Moroccan soldiers who first arrived in Korea as part of the volunteer section of the French Battalion under the UN, deployed to support South Korea, according to the Moroccan Embassy in Seoul. 'Two of those heroes are now peacefully resting in the UN Memorial Cemetery in Busan, a dignified reminder of the human connections,' said Rachadi. The ambassador's residence in Seoul has two mugunghwa trees, Korea's national flower, planted in their honor. Seoul and Rabat established diplomatic relations in July 1962. The ambassador also pointed to the April 2025 launch of negotiations for the Morocco-Korea Economic Partnership Agreement and joint preparations for the 2030 FIFA World Cup, citing these efforts as broader strategic momentum. He thanked Chung Keeyong, Korea's ambassador and deputy minister for climate change, who was recently honored by the King of Morocco with the Order of Wissam Alaouite at the rank of Commander. Chung's contribution included the identification of Moroccan war veterans and the publication of a book titled 'Morocco-Korea: Blood Brothers.' 'We were also able to identify 16 additional Moroccan soldiers, bringing the known total to 24 ... so that Korea may express its enduring gratitude — not only in archives but through human connection,' said Chung in his remarks. Reflecting on meeting one of the veterans' daughters, Chung said, 'Her father's sacrifice is not forgotten but cherished. 'Their courage, offered in a time of Korea's greatest need, has forever linked our nations — not just as partners, but as 'freres de sang,'" he said. Freres de sang is French for "blood brothers." As examples of momentum, Chung cited Korea's solidarity during Morocco's 1975 Green March, uncovered through archival research; joint initiatives such as $100 million in development aid; a reforestation project in Ouarzazate; green hydrogen programs; and a $1.5 billion electric train deal. The Green March is seen as a landmark moment in Morocco's recent history toward securing the Kingdom's territorial integrity. The demonstration paved the way for the Madrid Accords signed on November 14, 1975, which formally ended nearly 100 years of Spanish control over the region. Chung also noted that Morocco's gross domestic product has nearly tripled, and its 2017 return to the African Union and 2022 ratification of the African Continental Free Trade Area have reinforced its role as a bridge between Africa, Europe and the Arab world. 'From the trenches of the Korean War to the sands of the Green March ... Morocco and Korea have always shown up for each other,' concluded Chung. sanjaykumar@
Korea Herald
9 hours ago
- Korea Herald
Daewoong's Nabota hits record H1 sales, expands to Middle East
South Korean drugmaker Daewoong Pharmaceutical announced Thursday that its botulinum toxin product, Nabota, posted 115.4 billion won ($83 million) in revenue in the first half of this year, up 28 percent from last year. With this growth, Daewoong expects to surpass 200 billion won in annual sales this year. Nabota was approved by the US Food and Drug Administration in 2019 as the first Asian botulinum toxin. Since then, Daewoong has pursued a premium strategy focused on high purity, high safety and strict quality control standards. Nabota is now sold under the brand name Jeuveau in the US, the world's largest aesthetics toxin market, where it holds a 14 percent market share in the aesthetics segment, ranking second overall. Daewoong also continues to grow in Latin America and Southeast Asia, following major deals previously signed in Brazil and Thailand. The company recently signed a deal with Kuwait, expanding its reach to five Middle Eastern countries, including the UAE, Saudi Arabia and Qatar — the widest regional coverage among Korean toxin brands. Alongside product expansion, Daewoong is promoting its proprietary injection technique, Nabolift, through global training programs, aiming to enhance medical outcomes and brand presence. 'Nabota is now a global top-tier brand in aesthetics,' said Yoon Joon-soo, head of Daewoong Pharmaceutical's Nabota Business Division. 'We will strengthen our global leadership with premium quality and scientific proof.'
