The deal’s value was estimated at $6.7 billion based on an assumed battery price of $100 per kilowatt-hour, industry sources in Seoul said, though LG and Rivian have yet to disclose financial terms.“We have inked a number of major supply deals with the next-generation, 46-series cylindrical battery, accelerating the diversification of products and customers,” LG Energy said in a statement.46 MM DIAMETER BATTERIESThe deal is expected to help LG Energy expand its footprint in the high-performance battery market, industry sources in Seoul said.
LG Energy Solution Ltd., the world’s third-largest battery maker, is set to supply cells to Rivian Automotive Inc., a US electric vehicle manufacturer, in a deal estimated at $6.7 billion, adding to hopes for the South Korean company’s recovery through customer diversification amid the prolonged slowdown in the clean car market.
The 46-mm diameter cylindrical battery is being heralded as an industry game-changer as it is known to boost energy density by five times and output by six times compared with the conventional 2170 type featuring a 21-mm diameter and 70-mm length.
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