SK On lends 801.5 billion KRW to US subsidiary... Acquires BlueOvalSK shares
SK Innovation announced on the 23rd that its subsidiary SK On will lend up to a total amount of 801.5 billion KRW to its U.S. corporation SK Battery America (SKBA).
The company stated that SKBA plans to use the secured funds to acquire securities of BlueOvalSK (BOSK).
BlueOvalSK is a battery joint venture established in 2022 by SK On and the U.S. automobile company Ford.
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BlueOvalSK is constructing battery plants with a capacity of 127 GWh in Glendale, Kentucky, and Stanton, Tennessee, and plans to start sequential operations after 2025.
This content was produced with the assistance of AI translation services.
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