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LG Energy Solution has signed a major supply agreement with Rivian to provide next-generation 4695 cylindrical batteries. The agreement will cover more than five years and includes the delivery of 67GWh of batteries. These advanced batteries will be produced in the United States and power Rivian’s R2 model for the North American market.
Key Highlights:
- Agreement Duration: Five-year supply agreement totaling 67GWh.
- Battery Type: 4695 cylindrical batteries, known for their long range and high safety.
- Production Location: Manufactured at LG Energy Solution’s Arizona plant.
- Use in Rivian Vehicles: Batteries to power the R2 model in North America.
LG Energy Solution’s 4695 cylindrical battery features a diameter of 46mm and a height of 95mm, providing over six times the capacity of the existing 2170 cylindrical batteries. This larger design offers higher energy density, enhanced space efficiency, and increased safety, making it an attractive option for the EV industry. These improvements have garnered significant attention due to their potential to advance electric vehicle technology.
The first production of these batteries will take place at LG Energy Solution’s facility in Arizona, eventually making their way to Rivian’s factory in Normal, Illinois. This collaboration aims to power Rivian’s new R2 model specifically designed for the North American market, contributing to the rapid expansion of electric vehicle adoption.
With more than 20 years of experience in cylindrical battery technology, LG Energy Solution leverages its broad patent portfolio and extensive manufacturing expertise to stay at the forefront of battery advancements. This partnership is also part of LG Energy Solution’s broader effort to expand its market share in the U.S. and meet the requirements of the Inflation Reduction Act (IRA) by ensuring timely development and supply of competitive battery cells.
The collaboration is expected to strengthen LG Energy Solution’s footprint in the U.S. market, tapping into the growing interest from automakers for advanced battery form factors. LG Energy Solution anticipates that the increasing popularity of its 46-series cylindrical batteries will bolster its leadership in the electric vehicle battery sector.
David Kim, CEO of LG Energy Solution, commented, “Due to the dynamic nature of the current EV market, an increasing number of global automakers are demonstrating a strong preference for a diverse range of battery form factors. This large-scale order from Rivian for 4695 batteries marks a key milestone for LG Energy Solution in expanding its client base within the cylindrical battery segment.”
About LG Energy Solution
LG Energy Solution (KRX: 373220), a spin-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and over 58,000 patents, LG Energy Solution has established a robust global network across North America, Europe, and Asia. The company aims to achieve carbon neutrality by 2050, while also promoting shared growth and a diverse, inclusive corporate culture.
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