WWR - Westwater Resources executes graphite supply LOI for planned Alabama plant

2023-06-07 08:28:28 ET

Westwater Resources ( NYSE: WWR ) +4.1% pre-market Wednesday after saying it has executed a letter of intent with Japan's Dainen Material for the supply and purchase of coated spherical purified graphite from the Kellyton advanced graphite processing plant, now under construction in Alabama.

Dainen offers high-performance, natural graphite anode materials to Japanese manufacturers of automotive lithium-ion batteries.

"The LOI with Dainen is another positive step toward commercialization of materials that will be produced at our Kellyton plant," Westwater ( WWR ) Executive Chairman Terence Cryan said, adding the Inflation Reduction Act is driving strong interest from companies in the battery industry.

Westwater ( WWR ) said in March it planned to more than double production of coated spherical purified graphite at the Kellyton plant in hopes of enhancing the economics of Phase 1 of the project.

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