SK On Secures 50.3% of South Korea's $695.3M ESS Project Bid
SK On won 50.3% of a 1 trillion won ($695.3 million) contract for energy storage systems in South Korea, securing 284 megawatts of a 565-megawatt project. This is a significant recovery from the previous tender where the company did not win any contracts. Samsung SDI and LG Energy Solution followed with 35.7% and 14% respectively. SK On plans to enhance production capacity to 6-gigawatt-hours and has implemented advanced safety technology in its batteries. The project must be completed by December 2027.
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SK On has secured 50.3% of a 1 trillion won ($695.3 million) contract for energy storage systems (ESS) in South Korea, winning 284 megawatts of a 565-megawatt project aimed at supplying state-run substations. Samsung SDI and LG Energy Solution received 202 megawatts and 79 megawatts respectively.
This win marks a comeback after SK On did not secure contracts in the previous tender. The company plans to establish a 3-gigawatt-hour lithium iron phosphate battery production line and is reviewing capacity expansion to 6-gigawatt-hours. The ESS project must be completed by December 2027.
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