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SK Nexilis Co., Ltd. and Toyota Tsusho Corporation have forged an alliance to form a joint venture business for the supply of copper foil to the United States. The JV will be shipping the battery materials to the factories of Toyota Motor and Toyota Tsusho in the region.
SK Nexilis, the South Korean copper foil producer operating under the SK Group’s SKC subsidiary, announced its new tie-up with Toyota Tsusho Corp. The company confirmed that through their joint venture, they will be producing copper foil used for making rechargeable batteries for electric vehicles. The JV will mostly supply the materials in the North American region.
At the signing ceremony for the memorandum of understanding (MOU), SKC’s chief executive officer, Park Won Cheol and SK Nexilis chief Lee Jae Hong were present. They were joined by Toyota Tsusho Corp. CEO Ichiro Kashitani and vice president Sago Akihiro. The event took place at Toyota Tsusho Corp. headquarters located in Nagoya, Japan.
According to The Korea Herald, SK Nexilis and Toyota Tsusho Corp. agreed that the former will be in charge of copper foil production while the subsidiary of the Toyota Group will secure battery makers in said continent. Then again, the companies have yet to disclose the financial terms of their deal as well as the exact location where they will build their JV factory.
The partners will further boost their cooperation for the supply of raw materials for copper foils. Since Toyota Tsusho Corp. is already mining and refining lithium in its facility in Argentina, the joint venture may be very helpful for SK Nexilis as this will make the procurement of raw materials for its production easier.
“Based on the deal, we look to global production bases that connect Asia, Europe and North America,” an SKC official said in a statement. “SK Nexilis’ world-class expertise in copper foil manufacturing and Toyota Tsusho Corp.’s competitive edge in supplying and selling key materials for rechargeable batteries will lay a solid ground for the two companies to expand their presence in the global markets.”
SK Nexilis and Toyota Tsusho’s joint factory is expected to produce up to 250,000 tons of copper foil per year starting in 2025. The products will be delivered to the EV battery factory of Toyota Tsusho and Toyota Motor Corp., which is still under construction but scheduled to start operations in two years, The Korea Economic Daily reported.
Photo by: SK Nexilis Media Center
