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.