Frontier Lithium has signed a memorandum of understanding (MOU) with Hanwha Ocean, a South Korea-based shipbuilding company currently competing for Canada’s multibillion‑dollar submarine program.
Under the MOU, which is non-binding, the companies will evaluate a potential supply of battery-grade lithium products from Frontier’s proposed operations in Ontario. Hanwha is also considering an investment in Frontier, subject to due diligence and further negotiation.
“There is a strong alignment between our development plans and Hanwha's long-term requirements for advanced battery materials," said Trevor Walker, the president and chief executive officer at Frontier.
Jung Hoon Choi, the executive vice-president of the naval ship global strategy department at Hanwha, said the company “recognizes the growing strategic importance of secure and sustainable lithium supply chains for advanced technologies and energy storage applications.”
Hanwha has signed other Canadian partnerships, including MOUs with Defense Metals, Automotive Parts Manufacturers’ Association and Algoma Steel. The agreements position Hanwha to secure critical minerals in the event Ottawa chooses it to modernize Canada’s submarine fleet.
Comments