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Korean battery company in MoU with Global Lithium

Thursday, September 29th, 2022

Growing multi-asset Western Australian lithium company Global Lithium has signed a non-binding memorandum of understanding (MOU) with leading Korean battery manufacturer SK On to explore a range of future business opportunities.

SKO is one of the fastest-growing battery manufacturers in the industry, with battery production facilities operating in countries including the US, China, Hungary and Korea. SKO supplies batteries to global automakers, including Ford Motor Company, Hyundai Motor Company and Volkswagen.

Under the terms of the MoU, Global Lithium and SKO intend to explore future business opportunities including the potential development of downstream integrated battery grade lithium assets for an initial two-year period.

The MOU will also consider:

  • SK On to potentially support future Global Lithium capital raisings to enable business expansion and development
  • Potential investment and offtake opportunities at Global Lithium’s Marble Bar lithium project in the Pilbara region and/or the Manna lithium project in the Goldfields region
  • Potential opportunities for collaboration in electric vehicle (EV) and battery material supply chains

The term of the MOU is two years unless it is extended or terminated earlier by mutual agreement or superseded by a definitive agreement related to a joint venture, partnership and/or offtake agreement.

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