Westwater Resources

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.

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

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

• Battery-grade graphite
• Natural graphite anode
• Lithium-ion battery materials
• Critical minerals processing
• Graphite purification technology

Headquarters

HQ city

Centennial

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. 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.
2. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core 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.

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• SK On Co., Ltd.coreChannel Partner/ Reseller/ Distributor · 1 April 2026Product 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)coreChannel Partner/ Reseller/ Distributor · 7 November 2025Binding 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 EngineerscoreOthersU.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 ManagementcoreOthersAlabama 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

Direct 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

• Xx.com/WWR_Inc
• Facebookfacebook.com/AlabamaGraphiteProducts
• LinkedInlinkedin.com/company/westwaterresources/?viewAsMember=true

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Westwater Resources