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SK Innovation to invest $940m in battery plant in the U.S.

SK Innovation to invest $940m in battery plant in the U.S.

Posted June. 30, 2020 07:47,   

Updated June. 30, 2020 07:47


SK Innovation said on Monday that it held a signing ceremony of investment for its second electric vehicle (EV) battery manufacturing facility in Georgia, the U.S.

Georgia Governor Brian Kemp and SK Battery America CEO Hwang Jun-ho were in attendance at the ceremony, which was held at the government complex of Georgia on June 25 (local time). The South Korean refining and chemical company plans to invest 940 million dollars in constructing its second EV battery manufacturing facility in Georgia. The 39,948m²-plant is expected to produce 11.7GWh of battery a year starting from 2023.

SK Innovation made an investment in its first battery manufacturing facility in Georgia back in 2018. The company is making a total investment of around 3 trillion won in its first and second battery manufacturing facilities in Georgia. The company will have an output capacity of 71GWh a year once the second plant starts mass production.

SK Innovation and the State of Georgia expect the two manufacturing facilities to add more than 2,600 jobs in the state.