SK On Secures 1.5T Won Battery Deal with NeoVolta

Announcement

SK On, the privately owned battery subsidiary of SK Innovation Group, announced that it has entered into a five‑year supply agreement with U.S. energy‑storage firm NeoVolta Power. Under the contract, SK On will provide a total of 9 gigawatt‑hours (GWh) of lithium‑iron‑phosphate (LFP) pouch‑cell battery cells. The deliveries are scheduled to commence in 2027 and continue through 2031, with all cells to be manufactured at SK On’s production facility located in the United States.

Deal Value

Industry sources cited by Yonhap News estimate the transaction’s value at approximately 1.5 trillion South Korean won.

Market Reaction

Following the announcement, shares of SK Innovation Group, the parent of SK On, rose more than 6% on the trading day.

Additional Information

The agreement designates SK On as the primary cell supplier for NeoVolta Power’s LFP‑based battery energy storage system products.