SK On Secures Up to 1.24 Trillion KRW in New Investments, Exceeding Fundraising Targets
SK Innovation's battery subsidiary, SK On, has successfully secured new long-term financial investments (pre-IPO equity investments) worth up to 1.24 trillion KRW.
On the 24th, SK Innovation announced that it held a board meeting and approved the signing of a shareholder agreement for SK On's investment attraction. This agreement is expected to be signed between SK Innovation, SK On, and the MBK consortium, with SK On set to receive investments from the MBK consortium up to a limit of 800 million USD (approximately 1.05 trillion KRW). The MBK consortium includes global financial investors (FIs) from the United States, the Middle East, and other regions.
Additionally, SNB Capital, a subsidiary of the Saudi National Bank (SNB), which has been discussing investments through the Korea Investment PE Eastbridge consortium, is also expected to invest up to 144 million USD (approximately 190 billion KRW) in SK On.
Since last year, SK On has been pursuing the attraction of long-term financial investors to proactively secure investment funds. With this investment, SK On has succeeded in raising up to 4.44 trillion KRW, exceeding its initial target fundraising amount of 4 trillion KRW.
Meanwhile, SK Innovation disclosed that it decided to provide a debt guarantee for SK On's borrowing of a total of 2 trillion KRW from Hyundai Motor Company and Kia.
SK Innovation stated, "Through various methods of securing funds, SK On will enhance the stability of its financing, and customers will be able to secure battery cells stably and strengthen strategic partnerships, which is expected to create synergy effects."
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SK On operates electric vehicle battery factories in Korea, the United States, China, and Hungary, and plans to increase its annual production capacity from 88 GWh last year to at least 220 GWh by 2025 through expanding its own factories and establishing new battery joint ventures with automakers.
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