SGSouth Korea's SK On has signed a deal with U.S. firm NeoVolta Power to supply 9 gigawatt-hours (GWh) of lithium iron phosphate (LFP) battery cells for energy storage systems over five years starting in 2027. The cells will be produced at SK On's Georgia factory, and while the deal's value is undisclosed, industry estimates suggest it is worth around $1.09 billion. This move marks SK On's expansion into the energy storage sector amid declining demand for electric vehicles. The company also plans to increase its partnership with NeoVolta by providing another 9 GWh of LFP cells, bringing total cooperation to 18 GWh. SK On aims to secure over 20 GWh of energy storage system orders this year and is in discussions with multiple U.S. customers. Other South Korean battery manufacturers like LG Energy Solution and Samsung SDI are similarly shifting production lines to focus on energy storage systems due to phasing-out U.S. EV subsidies.
Bias read (Center): The article reports on a business development involving international corporate partners without overtly favoring any political ideology or agenda. It presents the deal as part of broader industry trends, focusing on economic and strategic moves rather than political positioning. There is no clear倾向
