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) ￰0￱ to the agreement the deal is expected to last approximately three ￰1￱ SDI also mentioned in March that it had partnered with ￰2￱ holding company and project developer-owner NextEra to supply ESS to the ￰3￱ to the announcement the deal is worth approximately $310 million and covers the period from 15 April 2024 to 20 November ￰4￱ 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 ￰5￱ tech company posted quarterly revenue of KRW 3.05 trillion ($2.13 billion) and an operating loss of KRW 591.3 ￰6￱ Samsung SDI experiencing a 22.5% drop in quarterly revenue from the same period a year earlier

the firm reported a net profit of KRW 5.7 billion for Q3 driven by gains from the discontinuation of its polarized film ￰7￱ SDI’s battery business also generated KRW 2.82 trillion in revenue a 4.8% quarter-on-quarter drop and a 23.2% year-on-year ￰8￱ firm also reported an operating loss of KRW 630.1 billion for the quarter primarily driven by lower sales of its EV batteries and the negative impact of ￰9￱ policies on ESS ￰10￱ battery manufacturer also experienced a 12.1% year-over-year decline but a 6.2% increase in quarterly revenue to KRW 231.8 ￰11￱ SDI’s operating profit rose by 17.6% to KRW 38.8 ￰12￱ firm acknowledged that it has achieved significant progress in its business by promoting sales of EV and ESS batteries during the third ￰13￱ SDI revealed that it secured several supply contracts totaling over 110 gigawatt-hours (GWh) with global automotive ￰14￱ agreements cover both the company’s 46-series cylindrical and prismatic ￰15￱ SDI also acknowledged that it won the majority of deals in a large government-led ESS supply ￰16￱ SDI forecasts a surge in earnings for Q4

driven by growth in the EV market in Europe and the ESS market in the ￰17￱ firm said that it aims to focus its capabilities on the ESS market strengthen its presence in the EV sector and improve operational ￰18￱ SDI announced plans to respond to the growing ￰19￱ market by establishing manufacturing infrastructure in the ￰20￱ firm debuted its local production of NCA batteries for ESS at the StarPlus Energy factory in Indiana last ￰21￱ battery manufacturer also announced plans to install lines for LFP batteries with mass production scheduled to commence in Q4 ￰22￱ SDI also forecasts that its annual ESS battery capacity in the ￰23￱ reach 30 ￰24￱ SDI debuts new ESS batteries The new initiative comes as the South Korean battery manufacturer debuted its new ESS products at the RE+ trade show in Las Vegas

￰25￱ SDI announced that the Samsung Battery Box (SBB) 1.7 and SBB 2.0 are scheduled to begin production in the ￰26￱ ￰27￱ electronics material manufacturer revealed that SBB 1.7 uses high-nickel cobalt aluminium oxide (NCA) ￰28￱ 6.14MWh batteries also deliver around 17% higher energy density than the SBB ￰29￱ also revealed that SBB 2.0 utilizes lithium iron phosphate (LFP) cells and features its proprietary prismatic form factor and differentiated material and electrode ￰30￱ firm stated that the electrode materials help overcome the low energy density of LFP cells and maximize advantages such as safety and low ￰31￱ said the new SBB batteries come with Enhanced Direct Injection (EDI) technology

which provides improved safety and reliability for companies such as ￰32￱ tech company also confirmed both models are built with its AI-based predictive maintenance and durability prediction ￰33￱ seen where it ￰34￱ in Cryptopolitan Research and reach crypto’s sharpest investors and builders.