The South Korean battery maker secured a deal to supply Tesla with lithium iron phosphate batteries for three years.

LG Energy Solution has announced a $4.3 billion contract to supply lithium iron phosphate batteries to an undisclosed customer.

Tesla is rumored to be behind a large $4 billion lithium-iron phosphate (LFP) battery cell order with Korea’s LG

South Korean battery maker LG Energy Solution (LGES) said on Wednesday it had signed a $4.3 billion contract to supply lithium iron phosphate (LFP) batteries over three years globally, without identifying the customer.

LG Energy Solution (LGES), a South Korean battery manufacturer, has signed a $4.3 billion agreement with Tesla to become the primary supplier of batteries for the electric vehicle giant’s energy storage systems.

LG Energy Solution secured a $4.3 billion battery contract, targeting the North American energy storage market amid rising demand.

According to The Korea Economic Daily, the contract between Tesla and LGES is worth $4.3 billion. LGES will begin supplying Tesla with cells next August through until at least the end of July 2030, with provisions to extend the contract if necessary.

Tesla Inc (NASDAQ: TSLA) and South Korea’s LG Energy Solution Ltd have inked a $4.3 billion deal for lithium iron phosphate batteries designated for energy storage, Reuters reported Wednesday. According to a source familiar with the matter cited by Reuters,