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Industry
SK On signs 160 billion won LFP cathode material supply deal with L&F
SK On said it signed a supply contract with L&F for LFP cathode materials used in batteries made from lithium, phosphate and iron. The contract runs from Sept. 17 through Dec. 31, 2028, with a value of about 160 billion won. The materials will be used at SK On’s Seosan plant in South Korea and its Georgia plant in the United States for energy storage system LFP cell production lines.
Industry
U.S. midterm election nears as Korean battery makers face crossroads over AMPC tax credit defence line
With the Nov. 3 U.S. midterm election approaching, Korean battery makers face renewed political bargaining over tax credits. EV purchase subsidies have already been abolished, while the advanced manufacturing production credit, or AMPC, has been defended at a 25 percent credit through 2032. Companies with large North American bases are reshaping operations to withstand policy shifts, including moving from joint ventures to wholly owned plants and shifting production toward energy storage systems.
Industry
U.S. tightens security lock on ESS; Korean battery makers with North American plants eye order rally
The U.S. government has designated battery energy storage systems as equipment tied to national security, raising expectations that Korean battery makers with U.S. production bases will win more North American ESS orders in the second half. LG Energy Solution expects new ESS orders of 70 GWh in the second half, while SK On has secured a deal to supply 9 GWh over five years. Samsung SDI is converting EV production lines to ESS.
