SK Innovations To Invest Billions To Expand Battery Business
As of right now, SK Innovations is mostly known to us as the battery cell supplier for the Kia Soul EV, but that may change soon as the battery manufacturer has pledged to invest billions to boost its battery business and expand its global portfolio.
“SK Innovation Co Ltd, which owns South Korea’s top refiner SK Energy, said on Sunday it will spend up to 3 trillion won ($2.49 billion) in chemicals, oil exploration and battery businesses to boost its global growth.”
Part of the investment will go towards expansion of battery plants, as SK Innovations seeks out new deals/mergers, etc. on the battery front.
There are no specific details at this time, but it seems SK Innovations will seek out new deals with Korean and Chinese automakers.
There’s no denying that the tech is there for SK, as witness in the Soul EV, but SK is a rather small name in a booming sector, so in order to compete it must fight with the big players like LG Chem, Samsung and Panasonic. This investment should help SK in becoming competitive in the battery segment.