Alus and Blue Whale Materials Sign Letter of Intent to Accelerate U.S. Battery Materials Market Entry
This partnership marks a significant step toward strengthening the battery materials supply chain.
Seoul, South Korea – December 10, 2024: Alus, a leading Korean aluminum specialist, has signed a Letter of Intent (LOI) with U.S.-based lithium-ion battery recycling company Blue Whale Materials (BWM). This strategic partnership aims to facilitate Alus's entry into the U.S. market and bolster BWM's production capacity for high-grade recycled black mass containing cobalt, nickel, and lithium.
The agreement was formalized in Seoul during Oklahoma Governor Kevin Stitt's trade mission to South Korea, underscoring the commitment of both companies to enhance the global competitiveness of the aluminum and battery materials industries. Alus's investment is poised to support BWM's expansion project in Oklahoma, which recently received a grant from the U.S. Department of Energy to increase its processing capacity.
Jong Wook Jeong, CEO of Alus, expressed enthusiasm about the collaboration: "Through our partnership with Blue Whale Materials, we aim to solidify our presence in the U.S. market, expand our aluminum business, and play a pivotal role in the global battery industry ecosystem. Additionally, we plan to strengthen cooperation with Oklahoma to build a foundation for sustainable growth."
Governor Kevin Stitt, who attended the signing ceremony, remarked: “As the need for critical minerals grows, it is clear that we need to secure this supply chain. Oklahoma has the talent, resources and regulatory environment necessary to be the headquarters for this industry. We are thrilled to have Blue Whale in Oklahoma, and we invite Alus to experience the Oklahoma advantage.”
BWM CEO Robert Kang (left), Governor Kevin Stitt (middle), and Alus CEO Jong Wook Jeong (right) at Letter of Intent (LOI) signing ceremony between Alus and Blue Whale Materials on December 10, 2024.
Robert Kang, CEO of BWM, added: "The partnership between Blue Whale Materials and Alus is expected to become a model example of a win-win collaboration between South Korean and U.S. companies and will support Blue Whale’s rapid growth in building out our high-grade black mass production capability."
Through this LOI, Alus plans to invest in BWM and officially enter the U.S. battery recycling market. Aluminum is a critical raw material for electric vehicle battery packs, and Alus anticipates establishing a circular economy by securing recycled aluminum from BWM and utilizing it as a raw material for manufacturing battery packs locally in the U.S.
Distinguished attendees at the LOI signing ceremony on Tuesday, December 10, 2024 in Seoul included CEO Robert Kang (right) and James Baek (left) of Blue Whale Materials, Oklahoma Governor Kevin Stitt, Jong Wook Jeong of Alus, and Professor Hyoung-Goo Kang of Hanyang University.
About Alus: Alus is a Korean aluminum specialist company dedicated to advancing the aluminum industry through innovation and strategic partnerships. With a focus on sustainability and global competitiveness, Alus aims to play a pivotal role in the evolving battery materials market.
About Blue Whale Materials: Blue Whale Materials is a leader in advanced lithium-ion battery recycling, committed to improving the battery value chain through sustainable practices. Utilizing proprietary technology, BWM processes spent batteries to produce high-concentration black mass containing critical minerals essential for battery production. The company's inaugural processing facility in Bartlesville, Oklahoma, is set to commence operations in 2025.
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For more information about Blue Whale Materials, please visit www.bluewhalematerials.com