SQM Iodine Plant Nutrition, the world's leading producer of iodine, has signed a Heads of Agreement (HOA) with South Korea's SK Enmove (part of the SK Group) to secure a stable supply of iodine, a key raw material for next-generation automotive coolants.

SK Enmove, part of the SK Group, one of the largest conglomerates in South Korea, has been a leader in the lubricants industry and new energy development in Korea since 1968 and has more than 140 customers in 60 countries worldwide.

By securing iodine upfront through this agreement, SK Enmove is working to establish a stable value chain, ensuring an uninterrupted supply of high-quality materials for its products.

The signing ceremony took place in Santiago, Chile, and was attended by SK Enmove’s CEO, Won-ki Kim; Pablo Altimiras, CEO of SQM Iodine Plant Nutrition, and several other executives from both companies. The two companies plan to further negotiate supply volumes and prices in a definitive agreement.

Pablo Altimiras, CEO of SQM Iodine Plant Nutrition, commented, “For us, it is always important to take part in developing new products and technologies. Therefore, signing this HOA with SK Enmove, one of South Korea’s largest companies and a leader in lubricants and new energies, is a major milestone for SQM Iodine Plant Nutrition. It allows us to think ahead to a stable iodine supply for a currently non-existent use, demonstrating our world leadership in the iodine market and our capacity to innovate. This agreement is fully aligned with our strategy to continue to grow sustainably and with our purpose of supporting progress.”

Kim Won-ki, CEO, SK Enmove, said: “This agreement will secure a solid foothold for production, bringing us one step closer to our quest for a stable supply of next-generation automotive coolants by collaborating with SQM, which has demonstrated its superior quality and production capabilities. With this, we will build a strong value chain with various collaborating global corporations and pursue global leadership as a representative energy-saving company.”

Through this agreement, SK Enmove seeks to ensure a constant and timely supply of high-purity iodine to meet the growing demand for coolants in the automotive industry. This iodine use technology does not currently exist in the market and is being developed by SQM Iodine Plant Nutrition and the Korean mega-corporation.