SK On secures EV battery supply deal to U.S. electric startup Slate

SK On Co., the battery affiliate of South Korea’s SK Group, said Friday it has been selected as a battery supplier for U.S.-based electric vehicle (EV) startup Slate.

Under the deal, SK On will supply 20 gigawatt-hours (GWh) of batteries to Slate from 2026-2031, with an option to increase volume as the U.S. company scales up production. The amount is enough to power approximately 300,000 mid-size electric vehicles.

The financial terms of the contract were not disclosed, but industry estimates put the supply at around 4 trillion won (US$2.78 billion).

Founded in 2022 and based in Michigan, Slate is an emerging EV startup backed by Amazon founder Jeff Bezos.

The company plans to debut its first electric pickup truck next year, expected to be priced under $30,000.

The vehicle will be powered by SK On’s high-nickel nickel-cobalt-manganese (NCM) battery, which will be manufactured at the Korean firm’s U.S. plant.

SK On said the partnership underscores its efforts to strengthen its foothold in North America and expand its battery business to more affordable EV segments.

“North America is a key market for us, and we are committed to delivering reliable, high-quality batteries that support our partners in making EVs more accessible, while reducing emissions and advancing sustainable mobility,” said Lee Seok-hee, chief executive officer (CEO) of SK On.