Syrah Resources Enters MOU with Samsung SDI to Evaluate Natural Graphite Supply for Lithium-Ion Batteries
Syrah Resources Limited (ASX:SYR) has announced a non-binding memorandum of understanding (MOU) with Samsung SDI Co. , Ltd. (KRX: 006400) to assess the supply of natural graphite active anode material (AAM) from Syrah's Vidalia AAM facility in Louisiana, USA. Samsung SDI, a leading global manufacturer of lithium-ion batteries, will collaborate with Syrah to test and qualify the Vidalia AAM and work towards finalizing a binding offtake agreement by July 2024.
Advancing Vidalia AAM Facility
The MOU between Syrah Resources and Samsung SDI focuses on expanding the production capacity of the Vidalia AAM facility. Once the expansion project is complete, the facility will have a production capacity of 45,000 metric tons per annum (ktpa) of AAM. The companies plan to commence the off-take agreement for up to 10,000 metric tons per annum of AAM from Vidalia starting in 2026.
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Supporting the Growing EV Market
With the rapid growth of the electric vehicle (EV) market, there is a rising demand for high-quality battery materials. Syrah's vertically integrated natural graphite AAM supply alternative aims to strengthen USA battery supply chains. The company is progressing with the construction of its 11. 25ktpa AAM facility at Vidalia, with completion and the start of AAM production on the horizon.
Future Expansion Plans
Syrah Resources has completed a Definitive Feasibility Study (DFS) on the expansion of Vidalia's production capacity, which includes the 11. 25ktpa AAM capacity. The company targets readiness for a final investment decision (FID) in the second half of 2023. The timing of the FID will depend on customer and financing commitments, as well as market conditions. Following the FID, detailed engineering, procurement, and construction activities will commence.
Promoting Collaboration and Continued Growth
The MOU between Syrah Resources and Samsung SDI exemplifies the importance of collaboration within the EV industry. By working together, both companies aim to support the growing demand for lithium-ion batteries and contribute to the advancement of sustainable transportation.
About Syrah Resources Limited
Syrah Resources Limited is an Australian company focused on providing high-quality natural graphite for lithium-ion batteries. With the Vidalia AAM facility as part of its vertically integrated supply chain solution, Syrah Resources aims to meet the increasing demand for battery materials in the USA.
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