SEOUL, Dec. 11 (UPI) -- South Korea's Samsung SDI said it has signed a $1.36 billion contract to supply lithium-iron phosphate batteries to an unidentified U.S. customer.
Under the three-year deal, Samsung SDI will provide LFP batteries for energy storage systems between 2027 and 2029. The firm declined to disclose the identity of the U.S. client, noting only that it operates in the energy-related infrastructure sector.
The agreement, announced Wednesday, represents Samsung SDI's first full-scale entry into the lower-cost LFP battery market, which has been dominated by Chinese firms. Thus far, it has focused on nickel-cobalt-based batteries, which offer better energy density and performance.
Samsung SDI said that it would build dedicated LFP production lines to support the growing ESS market.
Related
