Mentioned:
NeoVolta wants in on LFP battery cells that are made in America. Which is exactly why they’ve just formed a new partnership with SK On.
What’s happening:
- NeoVolta's (NASDAQ: NEOV) subsidiary NeoVolta Power has entered into a new deal to buy 9 gigawatt hours of LFP battery cells from Korea based SK On over the next five years
Why it matters:
- This is NeoVolta’s first ever supply agreement for battery cells that are manufactured in the United States
Going deeper:
- SK On will provide NeoVolta Power with with domestically produced LFP pouch cells from SK On's Georgia based plant as part of the new supply deal
- NeoVolta has publicly stated they have established a framework to sell their finished battery packs to SK On as part of their new partnership and allow SK On to then sell those completed systems to their customers
- SK On is one of Korea’s largest battery manufacturers and currently has operational facilities in the United States, Chile, China and Hungary
The fine print:
- SK On and NeoVolta have not yet entered into a binding deal for SK On to purchase finished battery packs being produced by NeoVolta
