South Korea’s SK On has signed a multi-year battery energy storage system (BESS) supply deal with utility-scale energy storage developer, owner and operator Flatiron Energy, marking its entry into the US stationary storage market.
Under the agreement, SK On will be able to supply up to 7.2 GWh of BESS for Flatiron’s projects in New England and other states through 2030. The partnership will kick off with a delivery of 1 GWh of containerized lithium iron phosphate (LFP) BESS units for a project in Massachusetts, with shipments scheduled to begin in the second half of 2026.
Valued at approximately $1.5 billion, the agreement represents SK On’s first major supply contract focused exclusively on stationary storage batteries since its spin-off from SK Innovation in 2021. The shift toward energy storage systems using LFP chemistry reflects the company’s broader strategy to diversify its product portfolio, hedge against slowing electric vehicle (EV) demand, and ensure stable long-term growth.
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