Swedish electric automaker, Polestar (NASDAQ:PSNY) announced Monday morning that they have signed a battery supply agreement with South Korean battery manufacturer SK On.
According to reports, the agreement will cover nickel-cobalt-manganese (NCM) battery cell modules for the automaker’s upcoming Polestar 5 electric vehicle.
“We are delighted to collaborate with Polestar on its top-tier EV model,” said SK On CEO, Jee Dong-seob. “We will solidify our partnership with Polestar and create new opportunities through this agreement.”
The Swedish company plans to construct the Polestar 5 using its specialized bonded aluminum platform designed at its UK research and development center.
The upcoming Polestar 5 will be equipped with extra-long battery cells, measuring 56 cm, characterized by a high nickel content of over 80%. With an increased silicon content in the anode, these batteries, located at the negative end of a lithium-ion battery, exhibit improved charging capabilities and energy density, according to SK's statement.
“Our relationship with SK On has been fruitful following our initial MOU and their investment in our brand. Polestar 5 is developing at pace and will feature this high-capacity battery to provide the performance expected of our grand tourer,” said Polestar CEO, Thomas Ingenlath.
Polestar has so far been supplied with battery cells from LG Energy Solution Ltd. in Korea and Contemporary Amperex Technology Co. Ltd. (CATL) in China.
Shares of PSNY are down 0.864% in early trading Monday morning.