SK On Battery Supply Agreement
SK On announced a five‑year agreement to provide NeoVolta Power, a U.S. energy‑storage company, with 9 gigawatt‑hours of lithium‑iron‑phosphate (LFP) pouch‑cell battery cells. The supply will commence in 2027 and continue through 2031, with all cells manufactured at SK On’s production facility located in the United States.
The transaction is reported by Yonhap News to be worth approximately 1.5 trillion South Korean won. The deal positions SK On as the primary cell supplier for NeoVolta Power’s LFP‑based battery energy storage system (BESS) products.
SK On operates as a privately owned subsidiary of the SK Innovation Group. Following the public disclosure of the agreement, shares of SK Innovation surged more than 6% on the trading day after the announcement.