SK Inc.'s (KRX:034730) battery-making unit, SK On, signed a memorandum of understanding with L&F (KRX:066970) to supply cathode materials for lithium iron phosphate (LFP) batteries targeting North America's energy storage system (ESS) market.
The two firms will finalize supply details soon, aiming for a long-term partnership. SK On seeks to meet the increasing US LFP demand, fueled by AI-driven data centers, and expand its battery portfolio with safer, cost-effective ESS solutions, Yonhap News reported Friday.
Shares of SK Inc. fell more than 3% in recent trade while L&F rose over 13%.
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