SK Innovation plans to invest $727 million to build a second Power Battery Factory in the United States

Published: Apr 30, 2020 10:36

Source: SMM compilation

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SMM4, March 30: South Korean chemical leader SK Innovation recently announced a US $727 million investment project to build a second car battery factory in the United States, (VE).

The investment in SK Battery America, wholly owned by SK Innovation, is aimed at increasing the production of EV batteries to meet the growing demand for pure electric vehicles.

At present, the battery market of electric vehicles is booming, and automakers around the world are competing for electric vehicles because of increasingly stringent greenhouse gas emission regulations.

SK Battery America plans to begin work at the second 11.7 gigawatt hour (GWh) EV battery production plant in July. The location of the plant has yet to be determined and production of batteries is expected to begin in 2023.

SK Innovation has invested 1.9 trillion won to build its first electric car battery plant in Georgia, with a capacity of 9.8 GWh. The first factory is expected to start producing EV batteries in 2022.

As a result, the total production capacity of, SK Innovation will increase to 71 GWh, enough to provide batteries for more than 1.4 million electric vehicles.

SK Innovation says its goal is to increase its capacity to 100 GWh by 2025. The company currently has three factories in South Korea, China and Hungary.

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