Another day, another gigafactory for Europe or China...

SK Innovation's plan to build a second lithium-ion battery cell plant in China is one step closer, as the South Korean manufacturer found a local partner.

The plan is to build a 50/50 joint venture factory (20-25 GWh) with EVE Energy battery company and supply Chinese and global carmakers.

EVE Energy will invest $550 million in cash for its 50% share. We assume that SK Innovation will meet the investment, at least partially, through bringing in technology.

Via Google translate:

"In this announcement, EVE Energy announced that EVE Asia Co., Ltd., or its subsidiary, will enter into a joint venture agreement with SK Innovation. EVE Energy (or EVE Asia) will invest $ 550 million in cash, with both companies holding 50% of the shares in the joint venture."

SK Innovation has bold plans for expansion and becomes a major player in the battery market, moving from just several GWh production capacity to 60 GWh in 2022 and 100 GWh by 2025.

Source: skinnonews.com via evspecifications.com