EXCLUSIVE-LG Energy Solution, Tesla sign $4.3 bln battery supply deal, source says
LG Energy Solution has signed a $4.3 billion contract to supply Tesla with lithium iron phosphate (LFP) batteries for energy storage systems. The batteries will be produced at LGES's U.S. factory. While LGES confirmed the contract, it did not specify whether the batteries would be used in vehicles or energy storage systems. This deal highlights LGES's ongoing relationship with major customers like Tesla and General Motors.
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July 30 (Reuters) - South Korean battery maker LG Energy Solution (LGES) (373220.KS) has signed a $4.3 billion contract to supply Tesla (TSLA.O) with lithium iron phosphate (LFP) batteries for energy storage systems, a person familiar with the matter said on Wednesday.
The batteries will be supplied from LGES’ U.S. factory, the person said on condition of anonymity because the details were not public.
LGES said earlier on Wednesday that it had signed a $4.3 billion contract to supply LFP batteries over three years globally, without identifying the customer.
The announcement by the company, whose major customers include Tesla and General Motors (GM.N) , did not say whether the LFP batteries will be used in vehicles or energy storage systems.
