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SK On signs long-term ESS battery supply deal with U.S. firm NeoVolta Power

South Korea's SK On has signed a multi-year contract to supply 9 GWh of LFP battery cells to S. energy storage firm NeoVolta Power, with production at its Georgia plant. The deal marks SK On's expansion into the S. ESS market amid a slump in electric vehicle battery demand.

By Tertius News AI Desk 2 distinct · 2 mastheads · 2 articles Version 1 Coverage Aug 31, 2026 Published 1h ago

SK On and NeoVolta Power announce battery supply agreement

South Korea's SK On said Monday it has signed a long-term deal to supply energy storage system (ESS) battery cells to S. firm NeoVolta Power, as the battery manufacturer expands its presence in the American energy-storage market.

Under the agreement, SK On will supply a combined 9 gigawatt-hours (GWh) of lithium iron phosphate (LFP) battery cells for NeoVolta Power's ESSs over five years starting in 2027, with production to take place at SK On's plant in Georgia, the company said.

The two companies did not disclose the value of the deal, but market estimates put the contract value at about 1.5 trillion won (US$1.09 billion), according to Yonhap. UPI reported the deal's value at around $1 billion, adding that SK On declined to confirm the figure.

SK On said the 9 GWh of battery cells are roughly enough to supply electricity to nearly 1 million households for a day. The company has been diversifying its portfolio beyond high-nickel batteries primarily used in electric vehicles by expanding into LFP batteries for battery energy storage systems (BESS), it said.

Executives' statements

SK On's ESS business chief, Choi Dae-jin, said in a statement: "This partnership strengthens SK On's position in the S. BESS market and brings together SK On's -made LFP battery technology with NeoVolta Power's growing energy-storage manufacturing capabilities."

He added, "We view NeoVolta Power as a strategic partner as we expand our presence in the S. energy-storage market. By combining our respective capabilities, we will pursue new commercial opportunities and deliver competitive BESS solutions that meet evolving market needs."

NeoVolta Power President Steve Bond said in a press release: "SK On's battery cell technology and S. manufacturing capabilities, combined with NeoVolta Power's energy storage expertise and manufacturing capabilities, provide a strong foundation for this strategic partnership."

Bond also said the collaboration is expected to accelerate growth for both companies in the S. ESS battery market and help address rising demand in the United States.

Expansion and additional plans

SK On has expanded into the ESS battery business to offset a prolonged slump in the electric vehicle battery market, according to Yonhap. The company is the wholly owned battery subsidiary of South Korea's leading refiner SK Innovation , and is not publicly listed. On Monday, the share price of SK Innovation jumped 7.36% on the Seoul bourse, while the benchmark KOSPI edged up 0.46%, UPI reported.

In addition to the initial supply, SK On plans to sign a separate agreement with NeoVolta Power within this year to supply an additional 9 GWh of LFP cells. Under that arrangement, NeoVolta Power will produce energy storage packs to be purchased by SK On for five years through 2031, Yonhap reported.

How each outlet told it

A framing line is our reading of that outlet's own text — an interpretation, not a quotation and not a fact we assert. Check it against what the outlet published.

UPI News

Framing: The headline announces the signing of a battery deal between SK On and NeoVolta Power. — The tone is neutral and business-focused, reporting the deal's details and statements from involved parties without overt enthusiasm or criticism.

as of Aug 31, 2026, 1:18 PM UTC

Facts Included:

South Korea's SK On said Monday that the battery manufacturer has signed a multi-year contract with S. energy storage system, or ESS, corporation NeoVolta Power.
The Seoul-based company noted that it would supply 9 gigawatt-hours of battery cells to NeoVolta Power.
The value of the deal was reported to be around $1 billion, but SK On refused to confirm the figure.
Under the agreement, SK On plans to provide lithium iron phosphate, or LFP, pouch-type battery cells for five years through 2031.
They will be produced at SK On's S. plant in Georgia.
The 9 gigawatt-hours of battery cells are roughly enough to supply electricity to nearly 1 million households for a day.
SK On said that the company has been diversifying its portfolio beyond high-nickel batteries primarily used in electric vehicles by expanding into LFP batteries for battery energy storage systems, or BESS.
SK On's ESS business chief Choi Dae-jin said in a statement: "This partnership strengthens SK On's position in the S. BESS market and brings together SK On's -made LFP battery technology with NeoVolta Power's growing energy-storage manufacturing capabilities,"
NeoVolta Power President Steve Bond expected that the bilateral partnership would accelerate growth for the two companies in the BESS market, thus helping address rising demand in the United States.
SK On is not publicly listed.

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Yonhap News — English

Framing: Announces the signing of a supply deal between SK On and NeoVolta Power. — Neutral, businesslike

as of Aug 31, 2026, 1:46 AM UTC

Facts Included:

SK On said Monday it has signed a long-term deal to supply energy storage system (ESS) battery cells to U.S. firm NeoVolta Power.
Under the deal, SK On will supply a combined 9 gigawatt-hours (GWh) of lithium iron phosphate (LFP) battery cells for NeoVolta Power's ESSs over five years starting in 2027.
Production will take place at SK On's plant in Georgia.
NeoVolta Power President Steve Bond said in a press release: 'SK On's battery cell technology and U.S. manufacturing capabilities, combined with NeoVolta Power's energy storage expertise and manufacturing capabilities, provide a strong foundation for this strategic partnership.'
SK On plans to sign a separate agreement with NeoVolta Power within this year to supply an additional 9 GWh of LFP cells.
NeoVolta Power will produce energy storage packs to be purchased by SK On for five years through 2031.
Choi Dae-jin, head of ESS business at SK On, said: 'We view NeoVolta as a strategic partner as we expand our presence in the U.S. ESS battery market.'
SK On has expanded into the ESS battery business to offset a prolonged slump in the electric vehicle battery market.
SK On is the wholly owned battery subsidiary of South Korea's leading refiner SK Innovation Co.

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What was claimed, and who backed it

AI-extracted; can misattribute a claim — see Methodology.

Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status is Contested when two claims on this page negate each other; otherwise it counts the distinct outlets we found asserting it — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.

Claim	Confidence	Status
ClaimSK On signed a long-term deal to supply energy storage system (ESS) battery cells to U.S. firm NeoVolta Power.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via Yonhap News — English as of Aug 31, 2026, 1:46 AM UTC, UPI News as of Aug 31, 2026, 1:18 PM UTC
ClaimUnder the deal, SK On will supply a combined 9 gigawatt-hours (GWh) of lithium iron phosphate (LFP) battery cells to NeoVolta Power over five years starting in 2027.	ConfidenceHigh	StatusContested via Yonhap News — English as of Aug 31, 2026, 1:46 AM UTC, UPI News as of Aug 31, 2026, 1:18 PM UTC
ClaimProduction will take place at SK On's plant in Georgia.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via Yonhap News — English as of Aug 31, 2026, 1:46 AM UTC, UPI News as of Aug 31, 2026, 1:18 PM UTC
ClaimThe 9 GWh of battery cells are roughly enough to supply electricity to nearly 1 million households for a day.	ConfidenceHigh	StatusSingle-source via UPI News as of Aug 31, 2026, 1:18 PM UTC
ClaimSK On plans to sign a separate agreement with NeoVolta Power within this year to supply an additional 9 GWh of LFP cells, while NeoVolta Power will produce energy storage packs to be purchased by SK On for five years through 2031.	ConfidenceHigh	StatusContested via Yonhap News — English as of Aug 31, 2026, 1:46 AM UTC
ClaimSK On has expanded into the ESS battery business to offset a prolonged slump in the electric vehicle battery market.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via Yonhap News — English as of Aug 31, 2026, 1:46 AM UTC, UPI News as of Aug 31, 2026, 1:18 PM UTC
ClaimSK On is the wholly owned battery subsidiary of South Korea's leading refiner SK Innovation Co.	ConfidenceHigh	StatusSingle-source via Yonhap News — English as of Aug 31, 2026, 1:46 AM UTC
ClaimSK On is not publicly listed.	ConfidenceHigh	StatusSingle-source via UPI News as of Aug 31, 2026, 1:18 PM UTC
ClaimThe share price of SK On's parent company, SK Innovation, jumped 7.36% on the Seoul bourse on Monday, while the benchmark KOSPI edged up 0.46%.	ConfidenceHigh	StatusSingle-source via UPI News as of Aug 31, 2026, 1:18 PM UTC
ClaimThe value of the deal was reported to be around $1 billion, but SK On refused to confirm the figure.	ConfidenceMedium	StatusSingle-source via UPI News as of Aug 31, 2026, 1:18 PM UTC
ClaimNeoVolta Power President Steve Bond said: 'SK On's battery cell technology and U.S. manufacturing capabilities, combined with NeoVolta Power's energy storage expertise and manufacturing capabilities, provide a strong foundation for this strategic partnership.'	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via Yonhap News — English as of Aug 31, 2026, 1:46 AM UTC, UPI News as of Aug 31, 2026, 1:18 PM UTC
ClaimSK On's ESS business chief Choi Dae-jin said: 'We view NeoVolta as a strategic partner as we expand our presence in the U.S. ESS battery market. By combining our respective capabilities, we will pursue new commercial opportunities and deliver competitive ESS battery solutions that meet evolving market needs.'	ConfidenceHigh	StatusSingle-source via Yonhap News — English as of Aug 31, 2026, 1:46 AM UTC
ClaimSK On's ESS business chief Choi Dae-jin said in a statement: 'This partnership strengthens SK On's position in the U.S. BESS market and brings together SK On's U.S.-made LFP battery technology with NeoVolta Power's growing energy-storage manufacturing capabilities.'	ConfidenceHigh	StatusSingle-source via UPI News as of Aug 31, 2026, 1:18 PM UTC
ClaimNeoVolta Power President Steve Bond expected that the bilateral partnership would accelerate growth for the two companies in the BESS market, thus helping address rising demand in the United States.	ConfidenceHigh	StatusSingle-source via UPI News as of Aug 31, 2026, 1:18 PM UTC

Transparency & Audit Trail

2 distinct · 2 mastheads · 2 articles consulted: UPI News, Yonhap News — English 14 claims extracted Version 1 Written 2026-08-31