SK On said Monday it signed a five-year deal to supply U.S. company NeoVolta Power with battery cells for energy storage systems. The contract covers 9 gigawatt-hours of lithium iron phosphate pouch cells from 2027 to 2031, to be produced in Georgia. Market estimates put the deal at about 1.5 trillion won, or $1.09 billion. The companies also plan an additional 9 GWh agreement that would bring their planned cooperation to 18 GWh.
Choi Dae-jin, right, head of ESS Business at SK On, poses with Steve Bond, president of NeoVolta Power, in Seoul, Thursday, after signing a deal for SK On to supply battery cells for energy storage systems to the U.S. company. Courtesy of SK On
SK On, the battery-making unit of Korea’s SK Innovation, said Monday it has signed a long-term deal to supply battery cells for energy storage systems (ESS) to U.S. company NeoVolta Power.
Under the five-year deal, SK On will supply a total of 9 gigawatt-hours (GWh) of lithium iron phosphate (LFP) pouch cells from 2027 to 2031. The batteries will be produced at SK On’s plant in Georgia.
The companies did not disclose the value of the deal, but market estimates put it at about 1.5 trillion won ($1.09 billion).
