Insiders: LG Energy Solution signs a $4.3 billion battery supply agreement with Tesla.

An informed source revealed on Wednesday that South Korean battery manufacturer LG Energy Solutions has signed a $4.3 billion contract to supply Tesla with lithium iron phosphate batteries for energy storage systems. The source, who requested anonymity as the details were not publicly disclosed, stated that these batteries will be supplied by LG Energy Solutions' factory in the United States. Earlier on Wednesday, LG Energy Solutions announced the signing of a three-year, $4.3 billion global supply contract for lithium iron phosphate batteries, but did not disclose the identity of the customer. LG Energy Solutions' major customers include Tesla and General Motors. The company also did not specify whether these lithium iron phosphate batteries will be used for vehicles or energy storage systems. LG Energy Solutions stated, "Due to confidentiality obligations under the agreement, we cannot disclose the identity of the customer." Tesla did not immediately respond to a request for comment.