Seoul: SK On Co., the battery affiliate of South Korea's SK Group, has announced that it has been selected as a battery supplier for the U.S.-based electric vehicle (EV) startup Slate. Under the new agreement, SK On will deliver 20 gigawatt-hours (GWh) of batteries to Slate from 2026 through 2031, with an option to increase the supply volume in line with Slate's production expansion. This supply is estimated to power approximately 300,000 mid-size electric vehicles.
According to Yonhap News Agency, although the financial specifics of the contract were not disclosed, industry estimates suggest the deal's value is around 4 trillion won (approximately US$2.78 billion). Slate, which is based in Michigan and founded in 2022, is an emerging EV startup backed by Amazon founder Jeff Bezos. The company is preparing to launch its first electric pickup truck next year, which is anticipated to be priced under $30,000.
The electric vehicles will feature SK On's high-nickel nickel-cobalt-manganese (NCM) batteries, which will be manufactured at SK On's plant in the United States. This partnership is part of SK On's strategy to reinforce its presence in the North American market and expand its battery offerings to more affordable EV segments.
Lee Seok-hee, CEO of SK On, stated that North America is a critical market for the company, emphasizing their commitment to providing reliable and high-quality batteries. This initiative aims to support partners in making electric vehicles more accessible, while also contributing to emission reduction and promoting sustainable mobility.