SEOUL, Sept. 9 (UPI) -- South Korean companies are trying to weather the prolonged slump in the global battery industry by partnering with leading corporations in Europe and the United States.
SK On announced last week that it had secured an order from Flatiron Energy Development of the United States to deliver lithium iron phosphate, or LFP, batteries for use in energy storage systems, know as ESS.
Under the agreement, SK On will supply up to 7.2 gigawatt-hours of ESS batteries between 2026 and 2030 for Flatiron's projects in New England and other states. While the firm did not disclose the contract's value, local media estimated it at around $1.4 billion.
"This deal is significant as it expands both our product and business portfolio," SK On Executive Vice President Choi Dae-jin said in a statement. "We will continue to strengthen our presence in the battery ESS sector by leveraging our advanced technologies and production capabilities."
Earlier this month, SK On's domestic rival, LG Energy Solution, said that it had signed two contracts worth $10.8 billion with Mercedes-Benz, covering the delivery of 107-GWh battery capacity for the German automakers between 2028 and 2037.
