South Korea-based SK Innovation, a developer of lithium-ion batteries for electric vehicles, will invest $1.67 billion to build a new electric vehicle (EV) battery manufacturing plant in Georgia.
SK innovation is fitted with the entire value chain for mid/large-sized battery production from electrodes and separators to battery cells and packs. SK Innovation has applied high energy density ternary materials to lithium-ion batteries for mass production. Based on these technological capabilities, SK innovation has signed supply contracts with major automakers including Hyundai Motor Group, BAIC Group and Daimler AG.
SK Innovation, which is part of SK Group, says that it is making the investment in Georgia to better compete in the growing global EV battery market. The company says that the new investment will provide opportunities for it to bring its products to additional automakers in the United States.
The new plant will be located in Jackson County, Georgia. Construction will occur in two phases, beginning in early 2019. The first phase will invest approximately $1 billion and employ more than 1,000 advanced manufacturing employees, making it the largest scale electric vehicle battery plant in the United States. SK Innovation leadership worked closely with federal, state and local officials to finalize the investment.
SK Group has been building relationships within the United States for decades. It already has significant investments in the US and currently employs nearly 2,000 US workers across 10 states.
Established as South Korea’s first oil refining company in 1962, SK Innovation engages in diverse areas of business, including exploration and production (E&P), batteries, and information and electronics materials. It owns SK Energy, South Korea’s Nº 1 refining company; SK Global Chemical, the leader in the domestic petrochemical industry; SK Lubricants, a global lubricants company; SK Incheon Petrochem, a refining and chemical company; and SK Trading International, a trader of crude oils and petrochemicals.