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SK On Co. Ltd. and Polestar have signed an agreement for the supply of battery cells. This deal is expected to boost the South Korean firm’s global expansion push.
As indicated in the deal, SK On will deliver nickel-cobalt-manganese (NCM) battery cell modules to the Sweden-based carmaker. The products will be used for Polestar’s upcoming electric vehicle model called the Polestar 5.
First Supply Deal Between SK On and Polestar
The SK Group’s battery manufacturing arm’s latest deal is its first with the Swedish EV manufacturer. Likewise, as per The Korea Economic Daily, this marks SK On’s first supply of high-end NCM battery cells to Polestar.
Before tapping SK On for the deal, Polestar collaborated with another Korean supplier - LG Energy Solution Ltd. and Contemporary Amperex Technology Co. Ltd., a Chinese company most commonly known as CATL. In any case, the companies did not reveal the value of their deal. The agreed volume of deliverables was not mentioned in the reports as well.
Start of the Battery Supply
SK On said it will start the supply of NCM battery cells to Polestar in 2025 which is also the same year that the Swedish automaker has scheduled its production for its Polestar 5 EV. it was said that this vehicle model is going to be powered by batteries made up of 80% nickel, Aju Business Daily reported.
“We are delighted to collaborate with Polestar on its top-tier EV model,” SK On’s chief executive officer, Jee Dong Seob, said in a press release. “We will solidify our partnership with Polestar and create new opportunities through this agreement.”
Polestar’s chief, Thomas Ingenlath, further commented, “Our relationship with SK On has been fruitful following our initial MOU and their investment in our brand. Polestar 5 is developing at pace and will feature this high-capacity battery to provide the performance expected of our grand tourer.”
Photo by: SK Innovation Press Release
