SK On, a South Korean battery manufacturer, has signed a multi-year contract with NeoVolta Power, a US energy storage system corporation, to supply 9 gigawatt-hours of lithium iron phosphate battery cells over five years through 2031. The deal is valued at around $1 billion, although SK On refused to confirm the figure. This partnership aims to strengthen SK On's position in the US battery energy storage systems market and create new commercial opportunities for both companies. The batteries will be produced at SK On's US plant in Georgia.
Written by the local model on 2026-08-31,
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Story summary
South Korea's SK On, a Seoul-based company, has signed a multi-year contract with NeoVolta Power, an American energy storage system corporation. Under the agreement, SK On will supply 9 gigawatt-hours of battery cells to NeoVolta Power over five years, from 2023 to 2031. The value of the deal is estimated at around $1 billion, although SK On has not confirmed this figure. These batteries are expected to power nearly 1 million households for a day and will be produced at SK On's U.S. plant in Georgia. This partnership marks a significant expansion into the battery energy storage system (BESS) market for SK On, which is diversifying its portfolio beyond high-nickel batteries used in electric vehicles.
Written for “SK On Battery Deal” on 2026-08-31,
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No political leaning scored for article 3220 · logged 2026-08-31
South Korea's SK On said Monday that the battery manufacturer has signed a multi-year contract with U.S. energy storage system, or ESS, corporation NeoVolta Power.
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manufacturer → say → Power
The Seoul-based company noted that it would supply 9 gigawatt-hours of battery cells to NeoVolta Power.
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it → base → Power
The value of the deal was reported to be around $1 billion, but SK On refused to confirm the figure.
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On → report → figure
They will be produced at SK On's U.S. plant in Georgia.
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They → produce → Georgia
The 9 gigawatt-hours of battery cells are roughly enough to supply electricity to nearly 1 million households for a day.
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hours → supply → day
SK On said that the company has been diversifying its portfolio beyond high-nickel batteries primarily used in electric vehicles by expanding into LFP batteries for battery energy storage systems, or BESS.
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company → say → systems
"This partnership strengthens SK On's position in the U.S. BESS market and brings together SK On's U.S.-made LFP battery technology with NeoVolta Power's growing energy-storage manufacturing capabilities," SK On's ESS business chief Choi Dae-jin said in a statement.
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chief → strengthen → statement
"We view NeoVolta Power as a strategic partner as we expand our presence in the U.S. energy-storage market.
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we → view → market
By combining our respective capabilities, we will pursue new commercial opportunities and deliver competitive BESS solutions that meet evolving market needs," he added.
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he → combine → needs
NeoVolta Power President Steve Bond expected that the bilateral partnership would accelerate growth for the two companies in the BESS market, thus helping address rising demand in the United States.
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partnership → expect → States
"SK On's battery cell technology and U.S. manufacturing capabilities, combined with NeoVolta Power's energy storage expertise and manufacturing capabilities, provide a strong foundation for this strategic partnership," he said.
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he → combine → partnership
SK On is not publicly listed.
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On → list → ?
The share price of its parent company, SK Innovation, jumped 7.36% on the Seoul bourse on Monday, while the benchmark KOSPI edged up 0.46%.
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KOSPI → jump → Monday
