SEOUL, March 16 (Yonhap) — Samsung SDI Co. said Monday it has clinched an agreement with a U.S.-based energy company to supply prismatic batteries for energy storage systems (ESSs) worth 1.5 trillion won (US$1 billion), as the battery maker aims to expand its presence in the North American market.
The South Korean battery maker said its U.S.-based affiliate, Samsung SDI America, recently inked the deal, under which the subsidiary will begin supplying batteries this year for a four-year period through 2029, without providing additional details, including the name of the customer.
Samsung SDI said it will initially supply Nickel-Cobalt-Aluminum (NCA) products and later expand to cover lithium iron phosphate (LFP) batteries.
The ESS batteries will be produced by StarPlus Energy, the joint venture between Samsung SDI and Stellantis, at its plant in Indiana.
“Samsung SDI is currently increasing its presence in the U.S. market, where demand for ESS is surging in line with expanding renewable energy and artificial intelligence markets,” the company said in a release.
“Samsung SDI is currently in talks with multiple global customers to supply batteries, with expectations to produce tangible outcomes in the near future,” it added.
The battery maker said it will continue efforts to expand its presence in the North American market as “the only non-Chinese supplier of prismatic ESS batteries” in the region, noting its products are recognized by U.S. energy firms for their “durability” and “fire-safety technologies.”
This image, provided by Samsung SDI Co., shows the company’s logo. (PHOTO NOT FOR SALE) (Yonhap)
colin@yna.co.kr
(YONHAP NEWS)