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Monday, 31 August 2026 Reading Room

Business

SK On wins $1.1 bil. ESS battery deal in US

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…

koreatimes.co.kr ·

SK On wins $1.1 bil. ESS battery deal in US

SK On, the battery-making division of Korea's SK Innovation, has entered into a five-year agreement to supply energy storage systems (ESS) battery cells to U.S. firm NeoVolta Power. The contract, valued at approximately $1.09 billion, will see SK On providing 9 gigawatt-hours of lithium iron phosphate (LFP) pouch cells from 2027 to 2031.

The cells will be manufactured at SK On's plant in Georgia. While the total deal value has not been disclosed, market estimates place it around 1.5 trillion won. The partnership is anticipated to provide SK On with a consistent customer for its ESS batteries in the United States and boost production at its domestic facilities. SK On has been expanding into the ESS sector as demand for electric vehicle (EV) batteries has declined.

The company has previously focused on high-nickel EV batteries but is now diversifying into LFP batteries, which are popular in ESS due to their lower cost and extended lifespan. NeoVolta Power chose SK On as a crucial battery supplier, highlighting the company's battery technology and U.S. production capabilities. Both firms also intend to broaden their cooperative ventures.

Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

Also reported by 1 other outlet

Read the original at koreatimes.co.kr →

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