Latest news with #EcoProInnovation
Yahoo
18-07-2025
- Automotive
- Yahoo
SK On signs domestic lithium deal with EcoPro
SK On Company has signed a lithium hydroxide sourcing deal with local battery materials producer EcoPro Innovation Company, as the South Korean electric vehicle (EV) battery manufacturer continues to reduce its dependence on Chinese suppliers and meet the requirements of the US Inflation Reduction Act (IRA). The deal provides for EcoPro to supply an initial 6,000 metric tons of domestically produced lithium hydroxide to SK On by the end of 2025, enough for around 100,000 electric vehicles. The lithium hydroxide, a key ingredient in battery cathodes and anodes, will be processed in South Korea, before being shipped to SK On's battery manufacturing plants in the US. Lithium hydroxide produced in South Korea qualifies for the IRA's Advanced Manufacturing Production Credit, unlike lithium hydroxide sourced from China, helping US-based battery manufacturers such as SK On access tax credits and maximize their competitiveness in the US market. Park Jong-jin, SK On's head of strategic purchasing, said in a statement: 'We are building a stable supply chain amid shifting global policies. Securing competitive materials and diversifying partners will boost our North American capabilities.' EcoPro Innovation's CEO, Kim Yoon-tae, confirmed that this is its first lithium hydroxide supply contract with a global battery manufacturer, representing a key milestone is its strategy to establish a strong presence in North American and European battery supply chains. "SK On signs domestic lithium deal with EcoPro" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Korea Herald
17-07-2025
- Automotive
- Korea Herald
SK On signs lithium deal with EcoPro to boost IRA compliance
SK On signed a lithium hydroxide supply agreement with EcoPro Innovation on Wednesday, ramping up efforts to strengthen its domestic EV battery supply chain in line with the US Inflation Reduction Act requirements. 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.'
