SK Innovation Pledges to Actively Promote Additional Investments in EV Batteries

SK Innovation president Kim Joon

SK Innovation announced on April 12 that it will actively pursue additional investments in electric vehicle (EV) battery production plants at home and abroad as uncertainties over its battery business in the United States have been eliminated.

“We will further accelerate the stable operation of the first plant in Georgia and the construction of the second plant,” the company said in a statement following its agreement with LG Energy Solution on April 11. “We will actively make additional investments to create an EV battery ecosystem at home and abroad, including the United States.”

The company’s agreement with LG Energy Solution ended a two-year-long legal dispute, eliminating uncertainties about the operation and expansion of its US battery business.

SK innovation also pledged to focus on strengthening ESG management and enhancing business and corporate value in the future.

In the statement, it expressed gratitude to the officials of the South Korean and U.S. governments and stakeholders for their efforts to resolve the long-standing dispute.

It also expressed deep thanks to the people of Georgia, Governor Brian Kemp, state officials, the State Senate and House of Representatives, Jackson County, and the City of Commerce for their unwavering support.

The company said it has taken greater responsibility for the eco-friendly policies promoted by the U.S. government, the growth of the Georgian economy and job creation.

It also pledged to actively respond to the unchanging trust and support from its customers such as Ford and Volkswagen, which are to start volume production of EVs from 2022. ““Above all, we are very pleased that we have created an opportunity to develop our ties with these customers into a greater partnership in the future,” it said.