LG Energy Solution Signs 67GWh Battery Deal with Rivian for R2 EVs

Seoul, South Korea—LG Energy Solution (373220. KS) announced on Friday that it has secured a five-year battery supply agreement with U.S. electric vehicle maker Rivian.

The deal calls for LG Energy Solution to supply 67GWh of its 4695 cylindrical batteries to power Rivian's R2 model in North America.

Production will be based at LG's Arizona facility, and deliveries to Rivian's Normal, Illinois plant are scheduled within the first year of operations.

According to the company, the 4695 battery cells, measuring 46mm in diameter and 95mm in height, offer six times the capacity of current 2170 cylindrical batteries.

"Global automakers are showing a strong preference for diverse battery form factors," LG Energy Solution CEO David Kim said in a statement.