SKI partners with Glencore

SK Innovation secures 30,000 tons of cobalt and lays the foundation for stable battery production

• By Lee Soo Hwan
• Approval 2019.12.04 13:56
• Comments 0

6 years long term contract with Glencore

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SK Innovation succeeded in securing core materials for EV batteries.  The company signed a long-term purchase agreement with Glencore, Switzerland, the world's No. 1 cobalt producer.  It is about purchasing 30,000 tons of cobalt for 6 years from 2020 to 2025.  It is possible to produce batteries for about 3 million electric vehicles.

SK Innovation has the foundation to cope with increasing battery demand by securing core materials.  The industry predicts that the global EV battery market will grow at an average annual rate of 25%, to about 182 trillion won by 2025.  Demand for cobalt, a key mineral, will also increase.  The global demand for cobalt for electric cars next year is 32,000 tons, and it will be 92,000 tons by 2025.

SK Innovation also takes ethical responsibility in the cobalt procurement process.  The companies agreed to receive an external audit each year for cobalt production from third party agencies.  This is in accordance with the Cobalt refinery supply chain due diligence standard of the Responsible Minerals Initiative (RMI).

Lim Soo-gil, Director of Public Relations, SK Innovation, said, “We have a stable supply chain in response to the fast-growing battery market demand. We've done our best to maximize the social value creation of the battery business. ”

Battery Innovation Materials Conference: December 16th, Korea Technology Center
DELEK will hold 'Battery Materials Innovation Conference' on December 16th, which is the first Korean media to take charge of the four core materials of batteries.  In addition to SK Innovation, which is the only separator company in Korea, and battery makers, Ecoprobem and POSCO Chemicals, the nation's largest producers of cathode and anode materials, will attend.  Enchem, which makes domestic electrolytes, also participates.

POSCO Research Institute introduces technologies that can extract useful materials from waste batteries.  Dr. Sun Woo-jun, the first generation engineer of battery through LG Chem and Samsung SDI, provides insight into the material market.  SFA has also introduced a battery logistics system through artificial intelligence (AI) and equipment to respond to the next generation of battery materials.
This is a differentiated conference organized by Media Dilek, a specialist in electronic components.  Find new business opportunities with new information.  Thank you for your interest.