SK On to supply NCM batteries for Polestar 5 coupe

Korean company SK On has signed an agreement to supply high-performance batteries to Swedish electric car maker Polestar for its upcoming Polestar 5 model. The details of the deal have not been disclosed.

Polestar 5 [SK ON]

SK On signed an EV battery supply agreement with Polestar, a Swedish electric car manufacturer under Volvo, the companies said Monday.

With the signing of the deal, SK On will supply high-performance nickel-cobalt-manganese (NCM) batteries for Polestar’s all-electric four-door coupe Polestar 5 starting 2025.

The financial details, such as the size of the deal, have not been released.

The Polestar 5 coupe, which is slated to begin production in 2025, will have a maximum output of 650 kilowatts — that equals 884 horsepower — and torque of 900 newton-meters.

SK On’s NCM battery module powering the Polestar model will have an ultralong cell measuring 56 centimeters (22 inches), with high nickel content of over 80 percent. The battery maker put emphasis on the battery’s high energy density, as well as enhanced safety credentials.

SK Inc., the holdings company of SK conglomerate subsidiaries, invested about $60 million in Polestar in 2021 through the New Mobility Fund, which was jointly established with China’s Zhejiang Geely Holding Group. The companies also signed a memorandum of understanding for collaborations in high-performance EVs.

“We will solidify our partnership with Polestar and create new opportunities through this agreement,” said SK On CEO Jee Dong-seob.

Thomas Ingenlath, Polestar CEO, said that “our relationship with SK On has been fruitful following our initial MOU and [SK On's] investment in our brand,” and continued that “Polestar 5 is developing at pace and will feature this high-capacity battery to provide the performance expected of our grand tourer.”

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]