Samsung SDI, Tesla finalize $2 billion, 3-year deal for ESS batteries

South Korea’s Samsung SDI on Monday agreed to supply electric car manufacturer Tesla with more than 3 trillion won ($2.11 billion) worth of ESS (Energy Storage System) batteries. According to the agreement, the deal is expected to last approximately three years. Samsung SDI also mentioned in March that it had partnered with U.S. energy holding company and project developer-owner NextEra to supply ESS to the company. According to the announcement, the deal is worth approximately $310 million and covers the period from 15 April 2024 to 20 November 2025. Samsung SDI reports drop in quarterly revenue The initiative to supply Tesla with batteries comes as Samsung SDI reported a 4% drop in quarterly revenue for the third quarter ended September 30. The tech company posted quarterly revenue of KRW 3.05 trillion ($2.13 billion) and an operating loss of KRW 591.3 billion. Despite Samsung SDI experiencing a 22.5% drop in quarterly...

https://www.cryptopolitan.com/tesla-strikes-2-billion-deal-samsung-sdi/