SK On signs $1.1 billion battery supply deal with U.S. energy company Neovolt

South Korean battery maker SK On has signed a battery supply agreement worth $1.1 billion with U.S. energy company Neovolt, according to Techub, which cited Tech in Asia. Under the deal, SK On will supply a total of 9 GWh of lithium iron phosphate battery cells to Neovolt over the 2027 to 2031 period. The batteries are set to support Neovolt’s energy storage project development in the United States. The report identifies the agreement as a supply arrangement tied to future storage deployments, with delivery scheduled across multiple years rather than as a one-time shipment. No additional commercial terms were disclosed in the source provided.