LG Energy Solution to supply batteries to US fuel cell truck maker Nikola

Under the deal, LG will supply battery cells to the US EV truck startup from next year through 2029

LG Energy Solution
LG Energy Solution
Hyung-Kyu Kim 1
2021-11-05 18:05:18 khk@hankyung.com
EV batteries

LG Energy Solution Ltd., a leading South Korean battery maker, has signed a deal to supply batteries to Nikola Corp., a US hydrogen fuel cell electric truck maker.

According to the US electric vehicle startup’s third-quarter earnings report on Nov. 4, the two companies have entered a long-term battery supply deal, in which LG Energy will provide battery cells to Nikola from 2022 through 2029.

Nikola's fuel cell trucks
Nikola's fuel cell trucks

Details, including the volume of battery cells and the deal’s value, weren’t disclosed.

The Arizona-based company has been under fire after its founder and former Chairman Trevor Milton was charged with fraud over allegations that he misled investors about its technology and products to inflate the company's stock price.

On Thursday, Nikola said it has been engaged in discussions regarding a resolution to a government-led probe that, if approved, would include a $125 million civil penalty paid in installments over two years.

Nikola's fuel cell truck
Nikola's fuel cell truck

In its earnings report, the US company said it plans to have its Tre Bev electric heavy-duty truck ready for public road release by December.

Nikola has an EV truck plant in Germany with an annual production capacity of 2,000 units.

Write to Hyung-Kyu Kim at khk@hankyung.com
In-Soo Nam edited this article.
#Hydrogen economy #LGEnergy

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