■ Five-year agreement covers 9 GWh LFP pouch cell supply from 2027 through 2031
■ Volume commitment for U.S. production supports higher utilization and improved profitability
■ Additional 9 GWh cell supply and pack purchase arrangement, under which SK On will purchase energy storage packs from NeoVolta Power, to expand total collaboration to 18 GWh
SK On today announced that it has signed a long-term strategic agreement to supply 9gigawatt-hours (GWh) of lithium iron phosphate (LFP) battery cells to U.S. energy storage company NeoVolta Power, further strengthening its position in the U.S. battery energy storage system (BESS) market.
Under the agreement, SK On will supply LFP pouch cells from 2027 through 2031, with production to take place at its manufacturing facility in the U.S.
SK On will serve as the primary cell supplier for NeoVolta Power’s LFP pouch-cell-based BESS products, establishing SK On as a key battery partner for NeoVolta Power’s expanding portfolio.
The agreement also establishes a framework for broader collaboration leveraging NeoVolta Power’s BESS manufacturing capability. Under this framework, SK On will supply an additional 9 GWh of LFP cells to NeoVolta Power, and NeoVolta Power will produce energy storage packs to be purchased by SK On from 2027 to 2031. Together with the signed cell supply agreement, this additional arrangement will bring the companies’ total partnership volume to 18 GWh.
SK On and NeoVolta Power held a signing ceremony on August 27 at SK On’s headquarters in Seoul. The event was attended by Daejin Choi, Head of ESS Business at SK On; Steve Bond, President of NeoVolta Power; and representatives from both companies.
The agreement marks another step in SK On’s efforts to expand its presence in the U.S. market. Building on its local manufacturing base, the company is broadening its portfolio beyond its core high-nickel EV batteries and accelerating growth in its LFP business for BESS.
NeoVolta Power is an advanced U.S. battery energy storage system manufacturer developing and scaling domestically produced LFP battery solutions for utility-scale and commercial and industrial applications. The company operates a manufacturing facility in Pendergrass, Georgia, designed to support high-volume BESS production. NeoVolta Power is majority-owned by NeoVolta Inc. (NASDAQ: NEOV), a U.S.-based energy technology company advancing scalable energy-storage solutions across residential, commercial and utility-scale markets.
“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,” said Steve Bond, President of NeoVolta Power. “We expect this collaboration to accelerate growth for both companies in the BESS market and help address rising demand in the U.S.”
“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,” said Daejin Choi, Head of ESS Business at SK On. “We view NeoVolta Power as a strategic partner as we expand our presence in the U.S. energy-storage market. By combining our respective capabilities, we will pursue new commercial opportunities and deliver competitive BESS solutions that meet evolving market needs.”
[Photos]
(Photo 1) Daejin Choi, Head of ESS Business at SK On (right), and Steve Bond, President of NeoVolta Power, pose for a photo after signing an ESS battery cell supply agreement at SK On’s Gwanhun Campus in Jongno-gu, Seoul, on August 27.
(Photo 2) A view of SK On’s battery manufacturing facility in Georgia, U.S.
