LG Energy to supply batteries to US solar EV startup Aptera for 7 years

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LG Energy to supply batteries to US solar EV startup Aptera for 7 years - Korea Economic Daily

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The contract’s value was estimated at $440 million based on an assumed battery price of $100 per kilowatt-hour, industry sources in Seoul said, though LG Energy, Aptera and CTNS have yet to disclose financial terms.643 KM ON A SINGLE CHARGEThe Aptera reported more than 50,000 pre-orders as the solar EV can travel up to 643 kilometers (400 miles), far longer than 300-500 km of the existing EVs, according to the US startup.

LG Energy Solution Ltd., the world’s third-largest battery maker, agreed to supply cylindrical products to Aptera Motors Corp., a US solar electric vehicle startup, in an estimated $440 million deal to diversify its customer bases amid the prolonged weakness in the global EV industry.

The battery, featuring a 21-millimeter diameter and 70-mm length, is expected to help the US startup ramp up production of its Aptera solar EV, which the company aims to launch in the country in 2025, LG Energy said.“The supply deal allows us to accelerate the diversification of products and customers,” said an LG Energy official in Seoul.