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SK On Signs US Energy Storage Deal

South Korea's SK On has agreed to supply NeoVolta Power with nine gigawatt-hours of LFP battery cells. The five-year deal aims to offset weaker EV demand.

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The logo of SK On is pictured at its EV battery factory in Seosan, South Korea, October 19, 2023. REUTERS/Kim Hong-Ji

SK INNOVATION CO LTD's battery subsidiary signed a deal on Monday morning to supply NEOVOLTA INC with 9 GWh of LFP battery cells over five years starting in 2027. The agreement carries an estimated value of $1.09B, driven by surging demand for energy storage systems. Battery makers are pivoting production lines as EV demand softens and subsidies shift.
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