Frontier Lithium has signed a memorandum of understanding with Hanwha Ocean, a South Korea-based shipbuilder currently competing for Canada’s multi-billion-dollar submarine program.
Under the memorandum of understanding, which is non-binding, the companies will evaluate the potential supply of battery lithium products from Frontier’s proposed operations in Ontario. Hanwha is also considering investing in Frontier, subject to due diligence and further negotiations.
“There is a strong fit between our development plans and Hanwha’s long-term requirements for advanced battery materials,” said Trevor Walker, President and CEO of Frontier.
Jung Hoon Choi, executive vice president of Hanwha’s global marine strategy division, said the company “recognizes the growing strategic importance of safe and sustainable lithium supply chains for advanced technologies and energy storage applications.”
Hanwha has signed other Canadian partnerships, including memorandums of understanding with… Defense mineralsAuto Parts Manufacturers Association and Algoma Steel. The agreements allow Hanwha to secure critical minerals should Ottawa choose it to modernize Canada’s submarine fleet.
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