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SK Innovation Surges on SK On's 1.5 Trillion Won ESS Battery Deal
Electronic Technology · Electronic Components · yonhap_finance · 2026-09-01
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SK Innovation shares jumped early Tuesday following news that its subsidiary, SK On, secured a major battery supply contract for U.S. energy storage systems.
What Happened
Major Contract Secured: SK Innovation's battery subsidiary, SK On, has signed a supply agreement with U.S.-based NeoVolta Power for energy storage system (ESS) battery cells. The deal is estimated to be worth approximately 1.5 trillion won and covers the delivery of 9GWh of LFP pouch cells over five years starting in 2027.
Hitting Targets: This contract accounts for 45% of SK On's annual order guidance. With additional negotiations for another 9GWh underway, the company is on track to effectively meet its full-year order target, significantly boosting its presence in the U.S. market.
Market Reaction: Analysts view the news as a positive catalyst that helps mitigate recent investor disappointment regarding the merger between SK Innovation and SKIET. The successful entry into the U.S. ESS market is seen as a crucial step in diversifying the company's revenue streams.
Future Outlook: While some analysts remain cautious, noting that a single contract cannot resolve all underlying concerns, the deal is widely regarded as a significant milestone. The potential for further expansion in the ESS sector provides a more optimistic outlook for the company's long-term growth.
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