SK Group to Invest US$52bn in the U.S. by 2030

SK Group chairman Chey Tae-won (right) meets with Republican Senate floor leader Mitch McConnell at the U.S. Capitol in Washington, D.C., on Oct. 27.

SK Group chairman Chey Tae-won has held a series of meetings with key U.S. political and business figures in Washington, D.C.

Chey visited Washington, D.C. from Oct. 27 to Nov. 1 (local time) and met with political and business figures, including Republican Senate floor leader Mitch McConnell, to discuss matters of mutual interests, SK Group said on Nov. 2.

“SK Group is taking the lead in responding to climate change. It will reduce its carbon emissions by 200 million tons, or 1 percent of the world’s carbon reduction target (21 billion tons), by 2030,” Chey said in the meetings. “We will contribute to carbon reduction in the United States by spending about half of the US$52 billion to be invested in the United States by 2030 on eco-friendly areas such as electric vehicles (EVs), EV batteries, hydrogen, and energy solutions.”

“SK will contribute to reducing 100 million tons, or 5 percent of the U.S. government’s greenhouse gas emission reduction target, by 2030 through green businesses in the United States,” he added.

In a meeting with Republican Senators of Tennessee Martha Blackburn and Bill Hagerty, he asked for U.S. Congress’ support, saying that SK On will create 11,000 decent jobs in three states of Georgia, Kentucky and Tennessee by building battery plants.

SK On, a battery business subsidiary of SK Innovation, and Ford agreed to invest a total of US$11.4 billion in Kentucky and neighboring Tennessee through joint venture company “Blue Oval SK” to build two 129GWh battery plants that can supply batteries for 2.15 million electric vehicles every year. SK On will fork over US$4.45 billion of this planned investment.

Chey also met with Democratic Party lawmaker Ami Bera, chair of the House Foreign Subcommittee on Asia, and senior U.S. government officials of the White House, the State Department, and the Ministry of National Defense to talk about a wide array of issues such as promoting friendship between Korea and the United States, revving up investment in future businesses such as biotech, coping with climate change, and pending geopolitical issues.

“SK plans to strengthen cooperation in the biotech business with the United States through SK Pharmteco, a U.S.-based raw material and drug company,”  Chey said to Rep. Bera.

“SK will be able to create great synergies in future businesses such as biotech and alternative foods by doing business in the United States,” Rep. Bera replied.

Chey also had a video conference with Jim Farley, CEO of Ford, and agreed to cooperate to ensure that the construction of their joint venture battery plants in Kentucky and other regions will proceed smoothly.