SK Innovation raises 500 million US dollars to build the second battery factory in Hungary

According to foreign media reports, South Korea's SK Innovation said on June 9 that it had raised a $500m green loan from the Export-Import Bank of Korea to support the construction of its second electric car battery factory in Komarom, Hungary.

SK Innovation said the loan was valid for up to seven years and was based on "favourable terms" thanks to SK Innovation's full guarantee. The green loan is a financial tool for "green growth" projects aimed at expanding economic growth while reducing the use of fossil fuels. In addition, the company plans to build a third Hungarian battery plant in Ivancsa with an annual capacity of 30GWh.

, SK Innovation made a $717 million green loan in 2019 to invest in overseas electric car battery and diaphragm plants. The company's U. S. operations issued $450 million worth of green bonds last year and $1 billion this year to invest in its Georgia battery plant. So far, SK Innovation has raised more than $3 billion in green financing.

On the same day, SK Innovation said at Inter battery, South Korea's largest battery show, that it was considering producing new types of electric vehicle batteries, including cylindrical and prismatic cells, to expand its customer base. At present, the company has only bag cells.

SK Innovation signed an agreement with Hyundai Kia in April to jointly develop new bag cells for hybrid electric vehicles, but this is the first time the company has admitted that it plans to develop batteries of completely different shapes. Participants in the exhibition include Moon Sung-wook, South Korean battery ecosystem official and Minister of Industry.