South Korean battery materials producer L&F has signed a long term supply deal with EV battery manufacturer SK On, according to local reports.

L&F has agreed to supply SK On with 300,000 tons of high nickel cathode materials, enough for 3mBEVs, over seven years until the end of 2030.

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The deal, worth KRW13.2trn (US$9.9bn), will help SK On achieve ambitious global growth targets.

It operates eight battery plants worldwide with combined capacity estimated at 90GWh per year.

This includes facilities in South Korea and a number of jointly and wholly owned plants in Europe, the US and China, including JVs with Ford, Hyundai and EVE Energy.

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The company plans to increase global cell capacity to 500GWh per year by 2030.

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Earlier this month, SK On said it would begin mass production in 2026 of lithium iron phosphate (LFP) batteries which are regarded as cheaper to produce and safer compared with existing lithium ion batteries widely used today.