The US Department of Energy (DOE) confirmed that Tesla (TSLA.US) and LG Energy Solution are expanding their partnership with a battery supply agreement to build a US$4.3 billion lithium iron phosphate (LFP) prismatic battery cell manufacturing plant in Michigan, the US, expected to commence operations in 2027.

The US-manufactured batteries will power Tesla's Megapack 3 energy storage systems produced in Houston, thereby establishing a robust US battery supply chain, the statement added.

LG Energy Solution previously stated that it would supply lFP batteries to its customer for 3 years, from 1 August 2027 to 31 July 2030. Industry insiders had speculated that the customer was Tesla.
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AASTOCKS Financial News
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