● SK nexilis agrees on incorporating a JV with Toyota Tsusho··· jointly investing in a production subsidiary in North America and collaborating in sourcing raw materials 

● Building momentum to make presence in world’s biggest EV market···implementation of global production chain on track next to Malaysia and Poland 

SKC (CEO & President Woncheol Park) joins hands with Toyota Tsusho (豊田通商) of Japan to build a system to facilitate long-term supply of quality cooper foil to North America known to be world’s biggest EV market.

SK nexilis, SKC’s EV battery copper foil production subsidiary, held an MoU (memorandum of understanding) signing ceremony with Toyota Tsusho, a trading arm of Toyota Group, on the 28th to consider incorporating a joint venture (JV) to produce and supply copper foil in North America. SK nexilis and Toyota Tsusho have agreed to invest jointly going forward to establish a copper foil production joint venture in North America and partner with each other in manufacturing and supplying high-quality copper foil products in the long term that meet the expectations of prospective customers in the region. 

The MoU ceremony, held in the head office of Toyota Tsusho located in Nagoya City, Aichi Prefecture, Japan, was attended by distinguished leaders of the two parties, including SKC CEO & President Woncheol Park, CEO Jae-hong Lee of SK nexilis, CEO & President Ichiro Kashitani, Executive Vice President Akihiro Sago, and COO Masaharu Katayama of Metal Division at Toyota Tsusho. 

Battery production throughput in North America targeted by SK nexilis and Toyota Tsusho as the destination of their joint venture under consideration is projected to grow explosively from 2025. However, as the local production volume of copper foil in the region currently falls short of 1,000 tons a year, deficit in copper foil supply is expected to be manifested soon. 

The MoU will translate into greater momentum for SK nexilis’ global expansion. It is expected that the MoU will enable SK nexilis to access potential customers requiring massive quantity of supply and secure a more stable bedrock for market entry before shelling out full-scale investment in North America next to Malaysia where commercial operation is set to begin this year and Poland where production capacity is to be completed next year. SK nexilis is also one step closer to its goal of global supply chain capable of delivering 250,000 tons a year including North America. The MoU will also allow Toyota Tsusho to lay down groundwork to supply quality copper foil to the region.

The two companies will also collaborate in sourcing key ingredients. Toyota Tsusho is working on several projects to secure access to a variety of EV battery ingredients such as lithium in Argentina. The partnership is also expected to help SK nexilis more readily source raw materials for cooper foil needed by its North Korean production facility. They will also _ create_ more synergy, collaborating in prospecting new customers, for instance.

“The MoU will lead our investment in North America to success and enable us to roll out a global production chain encompassing Asia, Europe, and North America,” an official at SKC said. ”Collaboration between SK nexilis distinguished for its world’s best copper foil production expertise and Toyota Tsusho known to be competitive from sourcing to distribution of key raw materials for EV battery will pump out greater competitive edge from both companies in the global EV market.” [End]

[SKC’s copper foil business subsidiary SK nexilis collaborates with Toyota Tsusho of Japan to put in high gear its entry into North America. SKC CEO & President Woncheol Park, CEO Jae-hong Lee of SK nexilis, COO Masaharu Katayama, and Executive Vice President Akihiro Sago of Toyota Tsusho are posing for a photo, holding the copy of the MoU.]