A significant new supply agreement has been announced between LG Energy Solution and Rivian, a US-based maker of electric vehicles. LG Energy Solution will provide Rivian with 67GWh of its next-generation 4695 cylindrical batteries over the next five years as part of this agreement.
The 4695 cylindrical battery, which has dimensions of 46 mm in diameter and 95 mm in height, has more than six times the capacity of the 2170 cylinder batteries that were previously in use. Because of its bigger size, which allows for higher energy density, more space efficiency, and improved safety, it is an attractive alternative for the rapidly growing electric car market.
These state-of-the-art batteries will be manufactured in LG Energy Solution’s plant in Arizona within the first year and sent to Rivian’s facility in Normal, Illinois. The batteries will power Rivian’s R2 model, which is targeted at the North American market.
David Kim, CEO of LG Energy Solution, emphasized the importance of this partnership by saying, “This large-scale order from Rivian for 4695 batteries marks a key milestone for LG Energy Solution in expanding its clientele within the cylindrical battery segment.” This agreement also supports LG Energy Solution’s strategy objective to increase its market position in the United States and sustain its leadership in the battery industry.
