Instead of forming an opposing bloc with SKI, Ecopro could be part of the overall funding/finance equation from a financiers perspective for Sconi. Crucial to the ECA’s (Kexim’s) involvement in a project is Korean content, upstream, downstream, it all counts. The more Korean companies that will eventually benefit from a project’s formation, with the obvious overall economic benefits for South Korea, the better. The govt will be looking at overall benefit to Korean players, that’s the big three battery companies and Ecopro are an essential supplier to all three of cathodes. Thus if the “second semi-conductor” ambition is to morph then they will be viewed as an essential component to this vision.
There is a clear alignment between the two companies, from the Tianqi lithium deal to their shared goal of developing ESS’s as a major new business area. If, as your article suggests SKI won’t be going the internal route in their massive expansion plans with cathode production and leaving it up to Ecopro then their relationship will become strongly symbiotic. Of particular note is Ecopro’s supply deal of 170,000 tonnes of cathode materials with GEM for NCA and NCM. Why does it run out in 2023? Imo that’s about the time, should it be developed Sconi will be ramping up.
The resource upgrade may be connected to this line of thinking as SKI’s requirements were covered with the original tonnage, why they needed the extra 55mt is unclear.
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