LG Energy Solution (KRX:373220) has signed a non-binding memorandum of understanding with U.S.-based indiGOtech to explore battery supply and technological collaboration, according to a statement on Thursday.

indiGOtech, a commercial electric vehicle startup headquartered in Woburn, Massachusetts, specializes in electrifying commercial van platforms for the North American market and is developing an ecosystem integrating vehicles, charging infrastructure, and digital services.

Under the MoU, the partners will work toward a final agreement for LG Energy Solution to supply 46-series NCM cylindrical battery cells from 2027 to 2030 for indiGOtech's upcoming Flow Ride and Flow Cargo electric vehicles.

The companies will support joint business development through vehicle-battery integration and performance verification, while reviewing opportunities to extend driving range and reduce charging times.

LG Energy Solution is also securing additional customers for its 46-series cylindrical batteries, with shipments increasing 1.5 times year on year as of Q2.