SK Innovation is now one of the quickest expanding EV battery manufacturers with investments on three continents.
According to South Korean media, SK Innovation has secured from global banks a "green loan" of 800 billion won ($657 million) for upcoming battery-related investments.
The plan is to increase manufacturing capacity of both - lithium-ion cells and battery materials, especially the battery separators (LiBS).
"A green loan is a financing of investment for the development of "green growth," which aims to promote economic growth while focusing on reducing the use of natural resources."
SK Innovation is currently busy with several projects simultaneously, which would explain a huge appetite for financing:
- new battery plant in Hungary (expected online in H1 2020)
- new battery plant in Changzhou, China (expected online in H1 2020)
- new battery plant in U.S. (expected online in 2022)
- second battery plant in Komarom, Hungary (expected online in 2022)
- new LiBS plant in China (expected online in H2 2020)
- new LiBS plant in Poland (expected online in Q3 2021)
SK Innovation production capacity roadmap:
- Today: around 5 GWh annually
- by the end of 2019: 20 GWh annually
- 2020: 40 GWh annually
- 2022: 60 GWh annually
- 2025: 100 GWh annually and an order backlog of 700 GWh