DBS Targets S$1 Trillion Wealth AUM by 2030 Amid Asia Wealth Boom 
Deutsche Bank Fined A$2 Million by ASIC Over OTC Derivatives Reporting Errors 
Mastercard Explores Sale of Majority Stake in UK Payments Firm Vocalink: Report 
Paramount-Warner Bros. Discovery Merger Faces Lawsuit From 12 States 
SK Hynix Soars 13% in Nasdaq Debut After Record $26.5 Billion IPO 
Kitron Q2 Revenue Beats Estimates as Defense Demand Lifts Growth 
Australia Flags Child Safety Gaps at Apple, Meta, Google Over Online Sexual Extortion 
TSMC Q2 Revenue Surges 36% as AI Chip Demand Powers Growth Ahead of Earnings 
DeepSeek Eyes China IPO as AI Startup Seeks $71 Billion Valuation in New Funding Round 
Rio Tinto Reports Strong Q2 Iron Ore Sales, Maintains 2026 Production Outlook 
Yaskawa Electric Shares Slide as Weak Profit Overshadows Strong AI Demand 
UBS Starts CarTrade Tech With Buy Rating, Sees Strong Earnings Growth and ₹4,000 Target 
Samsung to Launch First Yongin Chip Plant by 2029 as South Korea Speeds Up Semiconductor Hub 
DOJ Grand Jury Investigates UAW President Shawn Fain Ahead of Union Election 
SK Hynix Stock Soars as AI Memory Demand Outlook Fuels Chip Rally 
Morgan Stanley Names Marks & Spencer Top European Retail Pick, Sees Strong Upside 
Morgan Stanley Says China’s Reusable Rocket Progress Poses Long-Term Challenge to SpaceX 
Samsung SDI announced that its U.S. subsidiary, Samsung SDI America, has signed a multiyear agreement to supply lithium iron phosphate (LFP) batteries to a major U.S.-based energy infrastructure company. The deal, valued at more than 2 trillion won (approximately $1.36 billion), marks a significant step in the company’s strategy to expand its footprint in the fast-growing energy storage system (ESS) market. Deliveries under the contract will begin in 2027 and continue for three years, reinforcing Samsung SDI’s long-term commitment to supporting clean energy solutions in the United States.
Although the customer’s identity was not disclosed, Samsung SDI described the partner as a leading developer and operator of energy infrastructure. The announcement sparked strong investor interest, with Samsung SDI shares climbing as much as 6.1% in morning trading, even as the KOSPI index slipped 0.1%. The surge reflects market confidence in the rising demand for ESS batteries, especially as global data centers, renewable energy projects, and grid stabilization efforts require more efficient and reliable storage solutions.
The LFP batteries involved in the contract will be produced using converted prismatic cell production lines at Samsung SDI’s U.S. facility. This shift aligns with the company’s broader strategy to adapt its manufacturing capabilities in response to evolving market conditions, including the transition away from certain U.S. subsidies for electric vehicle batteries. By repurposing EV battery production equipment for ESS applications, Samsung SDI aims to strengthen its competitiveness and capture new opportunities in the energy storage sector.
Samsung SDI, which already operates a joint venture EV battery plant with Stellantis in the United States, emphasized that ESS batteries share similar chemistry with automotive batteries, making the production transition efficient. As demand for renewable energy storage continues to grow, the company is positioning itself as a key supplier for next-generation power infrastructure.
