LG Energy Solution announced it signed a non-binding Memorandum of Understanding (MoU) on October 19, 2022 with Syrah Resources Limited on partnering to evaluate natural graphite anode material. Under the terms of the MoU, LGES and Syrah will test and verify the natural graphite from Syrah's Vidalia production facility in Louisiana, U.S., which is scheduled to start production in 2023. Through the testing and verification procedures, the companies will ensure that the products satisfy LGES's technical requirements for natural graphite, and commit efforts to determine the final product specifications by the end of 2023.

Based on the results of the evaluation, LGES and Syrah will also use commercially reasonable efforts to sign a binding offtake agreement by the end of 2022. The annual procurement targets for natural graphite will begin at 2,000 metric tons in 2025 and continuously increase in the upcoming years.