Tesla and Samsung SDI sign a $2 billion battery deal.

Tesla Signs New Agreement with Samsung SDI

Leading electric vehicle manufacturer Tesla (TSLA) has signed a major agreement worth 2 billion dollars with Samsung SDI, an important energy partner in South Korea. This partnership will be implemented for the supply of energy storage system (ESS) batteries over the next three years.

Growth in the Energy Storage Sector

Recently, Tesla announced that it recorded a 44% growth in its Energy Storage business segment. This area constitutes a significant part of the electric vehicle manufacturer's revenue, contributing to a total income of 3.4 billion dollars. Tesla's energy storage solutions have become a critical component supporting not only electric vehicles but also renewable energy sources.

Previous Collaborations

This agreement reflects the continuation of Tesla's strategic collaboration efforts in battery production. Previously, the company signed a deal worth 4.3 billion dollars with LG Energy Storage Solutions, paving the way for the supply of LFP batteries. Such partnerships strengthen Tesla's position in the growing energy storage solutions market.

Developments Catching Investors' Attention

Meanwhile, a noteworthy development has occurred at Redwood Materials, a company founded by Tesla's co-founder JB Straubel. The firm raised over 350 million dollars in its Series E funding round. Among the investors is Nvidia's (NVDA) NV ventures. This Nevada-based battery recycling and energy storage initiative aims to support innovation in the sector by planning to use existing batteries for energy storage purposes.