The total investment is 2.53 billion US dollars! South Korea SK Jiangsu Yancheng 30GWh power battery project starts

According to the news released by Yancheng Economic Development District News official on January 18, the South Korean SK 30GWh power battery project started in Yancheng Economic Development District, Jiangsu Province on the morning of January 17.

It is reported that the SK power battery Yancheng base is the largest in the global layout of SKI in South Korea, with a demonstration leading role in the industry leader. The SK 30 GWh power battery project, which started this time, is the largest foreign investment utilization project in Yancheng in recent years. It is planned that the main project will be completed in December this year, and the equipment will enter the market in January next year. It will increase sales by 20 billion yuan the year after it is put into production.

In November, South Korean media reported that SK on, a battery business owned by South Korea's SKI, had decided to invest 3 trillion won (16.2 billion yuan) to build its fourth factory in China, the first wholly owned battery factory there.

In addition to the newly opened Yancheng factory, SK on in Changzhou, Yancheng, Huizhou annual production capacity 7GWh, 10GWh, 10GWh power battery plant has been put into production. Changzhou plant and BAIC joint venture, Yancheng plant and Huizhou plant and Yiwei lithium energy joint venture.

According to SKI's plan, the annual production capacity of, SK On batteries will be expanded to 85GWhs in 2023, 220GWhs in 2025, and surpass 500GWh in 2030.

It is worth noting that in terms of installed capacity, according to the global power battery installation ranking data released by South Korean market research institute SNE Research, SK On ranked fifth from January to November 2021, with 14.6 GWH power battery installed and 5.8% of the global market share, an increase of 119.3% over the same period last year.

On the performance side, due to increased operating rates at factories in Yancheng and Huizhou, which began mass production in the first half of 2021, SKI battery sales reached a record high of 816.8 billion won in the third quarter of 2021, totaling 1.9733 trillion won in the first three quarters of 2021, and full-year sales are expected to exceed 3 trillion won in 2021. In 2022, SKI expects annual battery sales to reach about 6 trillion won.

The pre-increase in performance is the support of huge orders. SKI previously announced that, SK On's current backlog of battery orders has reached 1600 GWH, which is worth about 220 trillion won and can power about 23 million electric vehicles.

In addition, on January 16, SKI announced that it would work with Professor Seung-woo Lee of the Georgia Institute of Technology to develop the next generation of all-solid-state batteries. The solid electrolyte developed by Professor Lee increases the ionic conductivity by a factor of 100 while ensuring the rubber-like elasticity of the battery. SKI predicts that if the technology is introduced, the current mileage of electric vehicles will increase from about 500km to 800km.

It is understood that, SK On has set up a new research center focusing on the research and development of next-generation batteries, and the first product is expected to be launched this year.

SKI's head of battery research has previously said the company plans to deliver solid-state batteries two years or more ahead of competitors by 2025. Samsung SDI is expected to start mass production of solid-state batteries in 2027, according to public data.

SKI signed a joint development agreement and memorandum of understanding with Solid Power on October 28, 2021, in which SKI committed to invest about 35.325 billion won in Solid Power to acquire a stake in the latter, with the aim of developing all-solid-state batteries with an energy density of at least 930Wh/L. Solid Power will use a plant owned by SK On, a subsidiary of SKI's battery business, to produce all-solid-state batteries.