SK On and Polestar, the renowned Swedish electric car manufacturer affiliated with Volvo, have inked a landmark agreement to bolster the supply of cutting-edge EV batteries. This milestone pact, announced on Monday, sets the stage for SK On to furnish Polestar with high-performance nickel-cobalt-manganese (NCM) batteries tailored for the forthcoming all-electric Polestar 5 sedan, set to hit the roads in 2025.
While the specific financial terms of the deal remain undisclosed, the partnership between SK On and Polestar promises to be a game-changer in the electric vehicle sector. The Polestar 5, poised for production in 2025, will be an automotive marvel with a jaw-dropping maximum output of 650 kilowatts, equivalent to an awe-inspiring 884 horsepower, and a robust torque rating of 900 newton-meters.
Key to this electrifying collaboration is SK On’s NCM battery module, which will be the power source for the upcoming Polestar model. This innovative battery boasts an ultralong cell measuring a substantial 56 centimeters (approximately 22 inches) and a high nickel content exceeding 80%. This emphasis on high energy density and enhanced safety credentials reinforces the commitment to delivering top-tier electric vehicle performance and security.
The roots of this partnership extend to 2021 when SK Inc., the holding company overseeing various SK conglomerate subsidiaries, invested approximately $60 million in Polestar. This investment was made through the New Mobility Fund, a joint initiative with China’s Zhejiang Geely Holding Group. The two companies also cemented their commitment to collaborate on high-performance electric vehicles through a memorandum of understanding.
SK On CEO Jee Dong-seob expressed his enthusiasm for the partnership, stating, “We will solidify our partnership with Polestar and create new opportunities through this agreement.”
Polestar CEO Thomas Ingenlath echoed this sentiment, emphasizing the fruitfulness of their relationship, “Our relationship with SK On has been fruitful following our initial MOU and [SK On’s] investment in our brand.”
He went on to underscore the rapid development of the Polestar 5, which will showcase this high-capacity battery to deliver the exceptional performance expected of their grand tourer. The future of electric vehicles just got a whole lot brighter with this groundbreaking collaboration between SK On and Polestar.
