South Korea's SK On signs energy storage battery deal with US firm NeoVolta Power

SEOUL, Aug 31 : South Korean battery maker SK On said on Monday it has signed a deal to supply U.S. firm NeoVolta Power with 9 gigawatt-hours (GWh) of lithium iron phosphate (LFP) battery cells for energy storage system use over five years from 2027.The pouch-type cells will be produced at SK On's factory in the U.S. state of Georgia, it said in a statement. SK On did not disclose the value of the deal, but industry estimates put it at around 1.5 trillion won ($1.09 billion). The agreement comes as SK On expands into the energy storage system business to offset weaker demand for electric vehicles. Last year, the company signed a deal with U.S.-based Flatiron Energy Development to supply LFP batteries for energy storage systems. SK On said it also plans to expand its partnership with NeoVol