financetom
Business
financetom
/
Business
/
GM signs supply deal with Vianode for synthetic graphite for EV batteries
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
GM signs supply deal with Vianode for synthetic graphite for EV batteries
Jan 15, 2025 3:35 AM

LONDON (Reuters) - General Motors ( GM ) has signed a multi-year, multi-billion dollar agreement for Norway's Vianode to provide the U.S. automaker with synthetic graphite anode materials for its electric vehicle batteries, the companies said on Wednesday.

The synthetic graphite will be used for EV batteries made by the Ultium Cells joint venture between GM and LG Energy Solution.

The deal will run from 2027 when Vianode launches production at a plant in North America, through to 2033.

"This project will help advance our battery technology and drive greater value to our customers," Jeff Morrison, GM's senior vice president of global purchasing and supply chain, said in a statement.

China controls 95% of the global supply of graphite, which is vital for EV battery production. This has left western automakers and governments striving to develop alternative sources.

"The entire EV ecosystem depends upon the import of one critical mineral," Vianode CEO Burkhard Straube told Reuters. "What General Motors ( GM ) wants and we want is a resilient supply chain for North America."

Straube said Vianode's plant will be either in the United States or Canada, close to GM and LG's battery production, but added he could not disclose a location as negotiations with partners and governments are ongoing.

In its first planned phase, the plant should produce around 80,000 tons of synthetic graphite annually by 2030, or enough to supply around 1.5 million EVs. Vianode already has a production plant in operation in Herøya, Norway.

The company is in talks to supply other automakers, Straube said.

Vianode's synthetic anode graphite has a 90% lower CO2 footprint than conventional production methods and Straube said his company can scale up faster than a mining operation.

"The EV industry is still growing and exploring a new mine takes a decade, maybe longer," Straube said. "With synthetic graphite, you can build another plant in two or three years."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Mar 21, 2024
BOGOTA, March 21 (Reuters) - The Reficar oil refinery belonging to Colombia's Ecopetrol was awarded 19.9% of the common capital in infrastructure firm McDermott in preferential shares by a judge in Amsterdam, Ecopetrol said in a statement on Thursday. The refinery is located in the Colombian city of Cartagena. ...
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Mar 21, 2024
(Reuters) -Luggage maker Samsonite International ( SMSOF ) on Friday said it plans to pursue a dual listing in addition to its listing on the Hong Kong Stock Exchange to increase the liquidity of its shares and reach investors in more markets. Samsonite ( SMSOF ) did not provide details of the exchanges it is considering for the second listing,...
Oil eases on possible Gaza ceasefire, dollar strength
Oil eases on possible Gaza ceasefire, dollar strength
Mar 21, 2024
SINGAPORE (Reuters) -Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude futures fell 42 cents, or 0.5%, to $85.36 a barrel by 0203 GMT. U.S. crude futures shed 40 cents, or 0.5%,...
Meta's Instagram down for thousands, Downdetector shows
Meta's Instagram down for thousands, Downdetector shows
Mar 21, 2024
March 21 (Reuters) - Meta Platforms's ( META ) Instagram was down for thousands of users on Thursday, according to outage tracking website Downdetector.com. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved