Westwater Resources
Westwater Resources is a U.S.-based, publicly-traded developer of battery-grade natural graphite, operating the Kellyton Graphite Plant (processing) and Coosa Graphite Deposit (mining) in Alabama to produce Coated Spherical Purified Graphite (CSPG) for lithium-ion battery anodes serving EV and energy storage manufacturers; the company is pre-revenue and currently in development stage.
- Company typePublic
- Founded1977
- HeadquartersCentennial, United States
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Westwater Resources does
Westwater Resources, Inc. (NYSEMKT: WWR) is a U.S.-based, publicly-traded critical minerals developer focused on vertically integrated production of battery-grade natural graphite for the lithium-ion battery industry. The company's portfolio consists of two primary assets in Alabama: the Coosa Graphite Deposit — a 41,965-acre mining resource described as one of the largest and most developed natural flake graphite deposits in the contiguous U.S., supported by 205 drill holes — and the Kellyton Graphite Plant, a processing facility under development designed to produce Coated Spherical Purified Graphite (CSPG) through proprietary purification and carbonization, with Phase I targeting 12,500 mt/year and Phase II targeting 37,500 mt/year. CSPG serves as the active anode material for lithium-ion batteries used in electric vehicles and energy storage systems. The company has secured a U.S. patent for its proprietary purification process, including HF-free technology, and operates an operational qualification line producing customer samples.
Westwater is pre-revenue and in development stage, having invested approximately $130 million of the $245 million Phase I capital cost at the Kellyton Plant. It raised approximately $67 million in 2025 (~$55 million since mid-2025) and reported a $41.5 million cash balance as of Q1 2026, alongside a Q1 2026 net loss of $4.7 million. The go-to-market model is enterprise direct sales through binding offtake and product procurement agreements with battery manufacturers and EV OEMs; however, both known binding offtake agreements — FCA US LLC (Stellantis subsidiary, terminated November 2025) and SK On Co., Ltd. (terminated April 2026) — have been cancelled, materially impacting debt syndication and project financing. The company is pursuing a $150 million secured debt facility (in exclusivity with Cantor Fitzgerald since September 2024) and non-dilutive government funding to complete Phase I construction, with initial production targeted within approximately 12 months of closing project financing.
The company's competitive positioning rests on three pillars: domestic U.S. production addressing critical mineral supply chain security (China controls ~78% of natural graphite and ~90% of processed anode materials); a U.S. patent on its proprietary HF-free purification process; and a favorable tariff environment with approximately 220% combined effective tariffs on Chinese graphite anode material. The Coosa Graphite Deposit has been designated a covered project under the federal FAST-41 permitting framework, and Section 404 and NPDES permit applications are under regulatory review.
Westwater Resources firmographics
Firmographics- Name
- Westwater Resources
- Legal name
- Westwater Resources, Inc.
- Website
- https://westwaterresources.net
- Company type
- Public
- Founded year
- 1977
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Westwater Resources is a U.S.-based, publicly-traded developer of battery-grade natural graphite, operating the Kellyton Graphite Plant (processing) and Coosa Graphite Deposit (mining) in Alabama to produce Coated Spherical Purified Graphite (CSPG) for lithium-ion battery anodes serving EV and energy storage manufacturers; the company is pre-revenue and currently in development stage.
- Ownership category
- akta.pro rank
Westwater Resources industry classification
Industry- Product category
- Battery Materials (Critical Minerals / Natural Graphite)
- SIC
- Metal Mining (1000)
- akta.pro primary industry
- Natural Graphite Mining & Concentrates (IMAKAFAD)
- akta.pro secondary industries
- Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI)
Keywords
Where Westwater Resources is headquartered
LocationHeadquarters
- HQ city
- Centennial
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Westwater Resources business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Battery-grade graphite sales: Pre-revenue company currently developing battery-grade natural graphite production. Westwater Resources expects to generate revenue from selling Coated Spherical Purified Graphite (CSPG) to lithium-ion battery manufacturers and EV companies once production begins at the Kellyton Graphite Plant. Initial production targeted within approximately 12 months of securing project financing.
- Project financing and capital raises: The company has raised approximately $55 million since mid-2025 to support project development, including non-dilutive financing and government funding options being pursued to complete the $245 million Phase I capital cost.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Battery-grade graphite pricing to be determined based on offtake agreements |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Westwater Resources product offering
Product offeringCore offering
Westwater Resources is a pre-revenue developer of battery-grade natural graphite materials. It mines flake graphite from the Coosa Graphite Deposit in Alabama and processes it at the Kellyton Graphite Plant into Coated Spherical Purified Graphite (CSPG) and other graphite anode materials for lithium-ion battery and EV manufacturers.
Product overview
Westwater Resources operates as a battery-grade natural graphite development company with a vertically integrated U.S. supply chain strategy. The company's portfolio consists of two primary assets: the Coosa Graphite Deposit (a mining asset in Alabama serving as the feedstock source) and the Kellyton Graphite Plant (a processing facility producing Coated Spherical Purified Graphite for lithium-ion batteries). The company develops and processes natural graphite into CSPG, flake graphite, and other graphite materials, connecting domestic graphite resources with U.S. processing through phased development.
Differentiator
Problem solved
Functional benefit
Products and services
- Coated Spherical Purified Graphite (CSPG) Active anode material used in lithium-ion batteries, produced by processing natural graphite at the Kellyton Graphite Plant through purification and carbonization processes. Targeted at lithium-ion battery and EV manufacturers.
- Natural Graphite Anode Material Battery-grade natural graphite processed into anode material for lithium-ion batteries, derived from the Coosa Graphite Deposit in Alabama. Intended for battery manufacturers and EV companies.
- Flake Graphite Natural flake graphite concentrate produced from the Coosa Graphite Deposit, serving as feedstock for further processing into battery-grade materials.
- Other Graphite Materials Additional graphite products including industrial-grade graphite for various applications beyond batteries.
Companies that use Westwater Resources
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles1 record
Westwater Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Westwater Resources partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- SK On Co., Ltd.coreProduct procurement agreement with SK On Co., Ltd. for graphite from the Kellyton Plant, signed in February 2024. SK On notified the company of its decision to terminate the agreement in April 2026, citing ongoing market challenges. SK On indicated a willingness to consider future agreements. The termination affected approximately part of Phase I graphite production capacity.
- FCA US LLC (Stellantis subsidiary)coreBinding offtake agreement with FCA US LLC, a subsidiary of Stellantis, for battery-grade graphite supply. This agreement was terminated in November 2025, which led to pausing the company's debt syndication efforts backed by that agreement. The termination impacted the company's financing plans for the Kellyton Plant.
- U.S. Army Corps of EngineerscoreU.S. Army Corps of Engineers is the regulatory body reviewing Westwater Resources' Section 404 permit application under the Clean Water Act for the Coosa Graphite Deposit mining operations. This is a key step in the permitting process for domestic graphite production.
- Alabama Department of Environmental ManagementcoreAlabama Department of Environmental Management (ADEM) is reviewing Westwater Resources' NPDES permit application for the Coosa Graphite Project. This permit is required under the Clean Water Act for mining-related water discharges and supports the company's strategy to use Coosa as the primary source of natural graphite feedstock for its Kellyton Graphite Processing Plant.
Scale indicators15 records
Recent moves6 records
Expansion highlights5 records
Westwater Resources competitors and assessment
Company assessmentDirect peers
- Syrah Resources: Australia-listed natural graphite miner and processor with a U.S. downstream processing facility (Vidalia, Louisiana) producing battery-grade CSPG for lithium-ion anodes. Directly comparable in product (CSPG), target market (U.S./Western battery makers), and vertically integrated mine-to-anode strategy.
- Magnis Energy Technologies: Australia-listed company developing battery materials, including natural graphite anodes for lithium-ion batteries, with planned U.S. processing capacity. Comparable in natural graphite anode focus and Western supply chain positioning.
- Nouveau Monde Graphite: Canada-based developer of natural graphite mining and purification assets targeting battery-grade anode material for EVs and energy storage. Comparable product (purified graphite for Li-ion anodes), customer segment, and pre-commercial/early-commercial stage.
- Mineral Commodities (MRC): Australia-listed mining company with natural flake graphite mining and downstream processing operations, supplying battery and industrial markets. Comparable in natural graphite mining plus downstream processing into higher-value products.
- Renascor Resources: Australia-listed developer of a vertically integrated natural graphite mine and CSPG processing operation in South Australia, targeting lithium-ion battery anode customers. Directly comparable in mine-to-CSPG model and customer segment.
- Graphite One: U.S.-based (Alaska) developer of a vertically integrated natural graphite mine and processing facility targeting battery-grade anode materials. Comparable in U.S. focus, natural graphite feedstock, and CSPG-style downstream ambitions.
- Northern Graphite: Canada-listed natural graphite miner developing battery-grade anode material production, with acquired processing assets in North America. Closely comparable in being a publicly listed natural graphite miner moving downstream into CSPG-style products.
- Talga Group: Sweden-listed graphite miner and anode-coating technology developer producing natural graphite anode material for lithium-ion batteries. Highly comparable in product offering (graphite anode materials) and in being a vertically integrated upstream-to-anode developer.
Broad incumbents
- SGL Carbon: Germany-listed broad incumbent in graphite materials, including natural and synthetic graphite for batteries, fuel cells, and industrial applications. Overlaps with Westwater in graphite-based products serving battery and industrial customers, but operates at much larger scale and broader portfolio.
Emerging players
- Anovion Battery Materials: U.S.-based (formerly Pyrotek) emerging producer of synthetic graphite anode material for lithium-ion batteries. Comparable in end product (battery anode material) and U.S. customer base, though focused on synthetic rather than natural graphite.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Westwater Resources social profiles
Digital presenceWestwater Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Westwater Resources leadership team
Management profileNumber of profiles
Profiles6 records
Westwater Resources subsidiaries and ownership
Company hierarchySubsidiaries1 record
Westwater Resources funding detail
Funding detailFunding overview
Funding rounds4 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Westwater Resources M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Westwater Resources
What does Westwater Resources do?
Westwater Resources is a pre-revenue developer of battery-grade natural graphite materials. It mines flake graphite from the Coosa Graphite Deposit in Alabama and processes it at the Kellyton Graphite Plant into Coated Spherical Purified Graphite (CSPG) and other graphite anode materials for lithium-ion battery and EV manufacturers.
Is Westwater Resources a public or private company?
Westwater Resources is a public company. It is classified as public and is currently operating.
When was Westwater Resources founded?
Westwater Resources was founded in 1977. It employs 11 to 50 people.
Where is Westwater Resources based?
Westwater Resources is headquartered in Centennial, United States, in the North America region.
How does Westwater Resources make money?
Two revenue lines are on record. Battery-grade graphite sales are the primary driver. The others are project financing and capital raises.
Who are Westwater Resources's main competitors?
Direct peers on record are Syrah Resources, Magnis Energy Technologies, Nouveau Monde Graphite, Mineral Commodities (MRC), Renascor Resources, Graphite One, Northern Graphite and Talga Group. SGL Carbon is listed as a broad incumbent. Anovion Battery Materials is listed as an emerging player.
Does Westwater Resources have an API?
No public API is recorded for Westwater Resources.
What industry is Westwater Resources in?
Westwater Resources's product category is Battery Materials (Critical Minerals / Natural Graphite). Its primary akta.pro industry code is IMAKAFAD, Natural Graphite Mining & Concentrates, with a secondary code of EUAFABAA, Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite). Its SIC code is 1000.