SK On to supply 9 GWh of US-made LFP cells to NeoVolta Power

SK On will supply 9 GWh of lithium iron phosphate (LFP) pouch battery cells to US energy storage company NeoVolta Power from 2027 through 2031, under a long-term agreement announced August 31, 2026 on SK Innovation's newsroom; the companies signed at SK On's Seoul headquarters on August 27. The cells will be produced at SK On's US manufacturing facility, which Yonhap identifies as the company's Georgia plant, and SK On becomes the primary cell supplier for NeoVolta Power's LFP pouch-cell-based storage products, per the release.

The release discloses no deal value; Yonhap reports market estimates of about 1.5 trillion won (US$1.09 billion). The signed agreement also establishes a framework to double the relationship to 18 GWh: SK On would supply an additional 9 GWh of cells, and NeoVolta Power would produce energy storage packs for SK On to purchase from 2027 to 2031. That second leg is not yet a signed supply deal; Yonhap reports SK On plans to conclude the separate agreement within 2026. The release describes NeoVolta Power as a US manufacturer of domestically produced LFP storage systems for utility-scale and commercial-and-industrial applications, with a plant in Pendergrass, Georgia; the company is majority-owned by NeoVolta Inc. (NASDAQ: NEOV).

Per Yonhap, SK On, the wholly owned battery subsidiary of SK Innovation, expanded into storage batteries to offset a prolonged slump in the EV battery market, and the release frames the deal as broadening its portfolio beyond its core high-nickel EV chemistries while supporting utilization of its US plants. US-produced cells feeding US-assembled packs arrive in a market where Executive Order 14420, signed August 26, 2026, authorizes the Energy Department to bar foreign-produced battery energy storage systems when it finds both a tie to a Covered Foreign Entity and an undue security risk.