SEOUL (Reuters) -South Korean battery maker LG Energy Solution (LGES) said on Wednesday it had signed a $4.3 billion contract to supply lithium iron phosphate (LFP) batteries over three years globally, without identifying the customer. The company, whose major customers include Tesla and General Motors, did not say whether the LFP batteries will be used […]
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LG Energy Solution signs $4.3 billion battery supply contract
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SEOUL (Reuters) -South Korean battery maker LG Energy Solution (LGES) said on Wednesday it had signed a $4.3 billion contract to supply lithium iron phosphate (LFP) batteries over three years globally, without identifying the customer.
The company, whose major customers include Tesla and General Motors, did not say whether the LFP batteries will be used in vehicles or energy storage systems.
The contract lasts from August 2027 to July 2030.
LGES said the contract includes an option to extend the contract period by up to seven years, and increase supply volume depending on discussions with the unidentified customer.
The deal came after South Korea’s Samsung Electronics and Tesla announced a $16.5 billion chip contract.
(Reporting by Jack Kim and Hyunjoo Jin; Editing by Ed Davies and Muralikumar Anantharaman)