South Korea’s LG Chem Ltd, commanding No. 1 in the global electric vehicle battery market, reportedly signed a deal to supply rechargeable batteries for global e-commerce giant Amazon’s logistics robots.
According to industry sources on Tuesday, LG Chem was chosen to power Amazon’s logistics robots. It is reported that LG Chem will supply cylinder-type rechargeable batteries for logistics robots deployed at Amazon’s warehouses and fulfillment centers, starting 2023.
LG Chem declined to confirm on the battery supply agreement with Amazon.com.
Although insignificant in value, the deal broadens LG Chem’s client base beyond EVs.
The global service robot market is forecast to grow at a compound annual growth rate of 29 percent.
Service robots, designed to assist human beings, are deployed in various settings, ranging from retail outlets to warehouses to perform repetitive, laborious, or dangerous tasks.
On Tuesday, LG Chem stock ended 1.97 percent higher at 726,000 won ($615.78) in Seoul.
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