SK Innovation Holds Investment Agreement Ceremony for Battery Plant 2 in Georgia, USA

[Asia Economy Reporter Hwang Yoon-joo] SK Innovation announced on the 25th (local time) that it has signed an investment agreement worth $940 million with the Georgia state government in the United States to establish a second electric vehicle battery plant.

According to this agreement, SK Innovation will produce 11.7 GWh of batteries annually at the second plant. Construction of the second plant will begin next month and is scheduled to be completed in 2023.

Earlier, in April, SK Innovation's board of directors decided to invest $727 million (approximately 890 billion KRW) to build a second electric vehicle battery plant in the United States.

To ensure a stable supply of electric vehicle batteries and secure the fundamental competitiveness of the business, SK Innovation plans to invest up to $5 billion. This corresponds to the second phase of securing production facilities, which SK Group Chairman Chey Tae-won announced at the 'SK Night' event held in Washington DC, USA, in November 2018 as a "up to $5 billion investment project that can create about 6,000 jobs in North America."

By 2023, when the first and second plants in Georgia are completed, SK Innovation will have an annual production capacity of 21.5 GWh in the United States alone. The global production capacity will reach 71 GWh.

This content was produced with the assistance of AI translation services.