NeoVolta Shares Surge 20% on $1.1B Battery Deal with SK On

NeoVolta Power signed a $1.09 billion strategic collaboration with South Korean battery giant SK On. NeoVolta shares surged over 20% following the announcement.

The five-year agreement ensures a supply of U.S.-manufactured lithium iron phosphate (LFP) cells from 2027 through 2031. The collaboration covers up to 18 gigawatt-hours (GWh) of total activity.

NeoVolta will receive 9 GWh of cells to support battery energy storage system (BESS) production at its Georgia facility. A second 9 GWh framework enables NeoVolta to manufacture and sell energy storage packs back to SK On. The partnership aims to significantly scale NeoVolta’s annual BESS production capacity by 2028.