Seoul, Nov 18 (IANS): LG Energy Solution Ltd (LGES), South Korea's leading battery maker, said on Monday it has signed an initial pact with US-based Bear Robotics to become its sole supplier of cylindrical batteries.
LGES signed a memorandum of understanding with the Silicon Valley-based artificial intelligence autonomous service robot company to supply its cylindrical battery cells for Bear Robotics' flagship robots, such as Servi Plus and Carti 100, from next year, the company said in a statement.
The agreement also includes cooperation on new technologies and fostering a strong partnership to strengthen both parties' competitive edge in the burgeoning global robot market, it said.
LGES aims to diversify its business portfolio by expanding into new areas, particularly those with high growth potential, such as urban air mobility, vessels and robotics, reports Yonhap news agency.
Last week, LG Energy Solution clinched a deal to supply electric vehicle batteries to US automotive manufacturer Rivian. Under the deal, LGES will provide Rivian with its advanced 4695 cylindrical batteries, totalling 67 gigawatt hours, for over five years, according to the company.
LGES said the batteries will be manufactured at the company's U.S. plant in Arizona and will be used in Rivian's R2 sport utility vehicles. The deal with Rivian follows the Korean company's similar battery-supply contracts with global carmakers, including Mercedes-Benz and Ford.
LGES said its 4695 cylindrical battery cells are gaining popularity thanks to their larger capacity, higher energy efficiency and enhanced safety features amid increasing demand for cylindrical batteries.
"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," said David Kim, CEO of LG Energy Solution.
"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."