SK On-NH Nonghyup Bank Collaborate to Support Battery Business with 1 Trillion Won Funding
SK On and NH Nonghyup Bank are joining forces in financial cooperation to strengthen competitiveness in the battery business.
On the 2nd, SK On and NH Nonghyup Bank announced that they signed a financial cooperation memorandum of understanding (MOU) on the 1st at NH Nonghyup Bank's headquarters in Jung-gu, Seoul, to foster the secondary battery industry sector. The signing ceremony was attended by Lee Seok-yong, President of NH Nonghyup Bank; Ji Dong-seop, CEO of SK On; Kim Kyung-hoon, CFO of SK On; Kim Young-kwang, Head of Financial Management at SK On; and other key officials from both companies.
Ji Dong-seop, CEO of SK On (left), signed a business agreement with Lee Seok-yong, President of NH Nonghyup Bank, on the 1st at the NH Nonghyup Bank headquarters in Jung-gu, Seoul, to foster the secondary battery industry. (Photo by SK On)
View original imageNH Nonghyup Bank will provide financial support of up to 1 trillion won over three years through corporate loans and payment guarantees. SK On plans to utilize these funds to advance and improve profitability in its battery business operations underway in the United States, Europe, and other regions.
Furthermore, both companies agreed to establish a close and organic cooperation system to strengthen their partnership in the mid to long term.
Lee Seok-yong, President of NH Nonghyup Bank, said, "We signed this agreement with SK On to strengthen competitiveness in secondary batteries, which are future eco-friendly materials. We will take the lead in providing prompt financial support centered on the nation's future strategic industries."
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Ji Dong-seop, CEO of SK On, stated, "Cooperation with NH Nonghyup Bank will serve as a catalyst to further enhance SK On's competitiveness in the battery business. SK On will solidify its position as a global battery market leader through domestic and overseas facility investments and supply chain stabilization."
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