Proterra & LG Energy Solution Ink EV Battery Cells Deal
Leading innovator in commercial vehicle electrification technology Proterra Inc has concluded negotiations with LG Energy Solution on a new agreement that will provide Proterra with a long-term supply of cylindrical cells produced at an LG Energy Solution battery cell manufacturing plant in the United States. The US manufactured battery cells will be delivered to Proterra factories for the manufacture of the company’s industry-leading commercial electric vehicle battery systems. Proterra will commit upfront a low nine-figure sum under the agreement to secure multiple gigawatt hours of dedicated U.S.-manufactured battery cell capacity on an annual basis.
In addition to the US manufactured battery cells that will be supplied to Proterra under the new agreement, Proterra and LG Energy Solution have extended their existing battery cell supply agreement through 2024. Together, this secures Proterra a stable supply of LG Energy Solution battery cells through 2028.
Both Proterra and LG Energy Solution plan on getting approval by their Board of Directors for the agreement and the investment by Q4 of 2021, respectively.