SK On senior official Choi Dae-jin (R) holds an agreement with NeoVolta Power President Steve Bond at an SK On office in Seoul on Thursday. Photo by SK On
SEOUL, Aug. 31 (UPI) -- South Korea's SK On said Monday that the battery manufacturer has signed a multi-year contract with U.S. energy storage system, or ESS, corporation NeoVolta Power.
The Seoul-based company noted that it would supply 9 gigawatt-hours of battery cells to NeoVolta Power. The value of the deal was reported to be around $1 billion, but SK On refused to confirm the figure.
Under the agreement, SK On plans to provide lithium iron phosphate, or LFP, pouch-type battery cells for five years through 2031. They will be produced at SK On's U.S. plant in Georgia.
The 9 gigawatt-hours of battery cells are roughly enough to supply electricity to nearly 1 million households for a day.
