- Syrah Resources (SYR) enters a non-binding MOU with Samsung SDI to evaluate natural graphite AAM supply from its Vidalia AAM facility in Louisiana
- Samsung SDI is a leading global manufacturer of lithium-ion batteries, and the deal allows the companies to support the growing EV market
- The two companies aim to finalise a strategic deal by July 10, 2024, to produce up to 10ktpa AAM from Vidalia, starting in 2026
- The partnership will employ a floating price mechanism upon SYR’s expansion to a 45ktpa AAM production capacity
- SYR shares are up 8.59 per cent, trading at 69.5 cents at 11:53 am AEST
Syrah Resources (SYR) has signed a non-binding memorandum of understanding (MOU) with Samsung SDI to assess the supply of natural graphite active anode material (AAM) from Syrah’s Vidalia facility in Louisiana, USA.
Vidalia is being developed as a vertically integrated natural graphite AAM supply solution for US battery supply chains, and progress in constructing the 11.25ktpa AAM facility is a step towards AAM production for SYR.
Samsung SDI, a prominent global lithium-ion battery manufacturer, aims to support the growing electric vehicle (EV) market through this collaboration.
The agreement targets finalising a strategic deal by July 10, 2024, to produce up to 10ktpa AAM from Vidalia, starting in 2026.
The partnership will employ a floating price mechanism as SYR expands Vidalia to a 45ktpa AAM production capacity.
SYR shares rose by 8.59 per cent, trading at 69.5 cents at 11:53 am AEST.