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Tesla Inc. (NASDAQ:TSLA) has reportedly agreed to a $2 billion deal with South Korea's Samsung SDI.
Check out the current price of TSLA here.
The EV giant will pay Samsung SDI $2 billion over the next three years to supply energy storage system (ESS) batteries, Reuters reported on Monday, citing a report from a Korean newspaper.
Tesla and Samsung SDI did not immediately respond to Benzinga's request for comment.
The news comes as Tesla recently announced a 44% growth in its Energy Storage business, which was one of the few sectors where Elon Musk's EV giant recorded a surge. The sector made up $3.4 billion in revenue for the company, accounting for 12% of the automaker's total revenue.
Tesla had also previously signed a deal worth $4.3 billion with LG Energy Storage Solutions, another South Korean company dealing with battery manufacturing, to supply LFP batteries for Tesla's energy storage systems.
Meanwhile, Redwood Materials, founded by Tesla co-founder JB Straubel, recently secured over $350 million in Series E funding. One of the backers includes Nvidia Corp's (NASDAQ:NVDA) NVentures. Redwood Materials is a battery recycling and energy storage startup based in Nevada, which aims to use batteries it takes in to deploy them for energy storage purposes.
Tesla scores well on Momentum and Quality metrics, while offering satisfactory Growth, but poor Value. Tesla also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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