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Flatiron Energy and South Korea's SK On sign a deal for energy storage batteries

SK On, a South Korean company, announced on Thursday that it had signed a contract with Flatiron Energy Development in the United States to supply lithium iron phosphate batteries (LFP) for energy storage systems.

SK On will be supplying up to 7.2 gigawatt-hours (GWh) in ESS batteries from 2026 to 2030. This is its first order of LFP batteries for energy storage systems.

The company didn't disclose the value.

SK On announced in a press release that it would begin mass production of LFP batteries dedicated to ESS in the second half next year. It also plans to convert a few of its EV battery production lines into ESS production lines in Georgia.

The company stated that "the LFP battery production of energy storage systems is expected to further strengthen our product line and business portfolio, to effectively respond and accelerate stable growth and to temporarily slow down in electric vehicle demand."

The company also plans to set up LFP production in South Korea.

SK On's agreement echoes a growing trend among EV batteries makers to expand into energy storage in order to hedge against a slowing EV market.

In July,

LG Energy Solution

The company warned that U.S. Tariffs and the end of federal EV Purchase Subsidies by September 30 could weigh on EV Demand into early 2026. This may prompt it to increase ESS production while cutting or delaying its investment plans. Heekyong Yong reports.

(source: Reuters)