SK Innovation announced plans for additional investment in its US battery business, following approval by the SK Innovation Board of Directors to fund the start of construction of a second electric vehicle battery plant in Georgia.
SK Innovation has increased investment plans for its Georgia EV battery site, shown here in a rendering.
SK Innovation plans to invest a total of $2.5 billion in its US battery business to build two plants at its site in Commerce, Ga., with a combined annual capacity of 21.5 GWh. SK Innovation initially announced a $1.67-billion investment at the Georgia site, but the board’s decision expands the company’s US investment plans to help meet anticipated consumer demand for EVs in the US.
SK Innovation broke ground on the first plant at the Georgia site in March 2019 and is expected to begin mass production in 2022. Construction on the second plant is expected to begin in July at the same site with mass production to start in 2023. SK Innovation has said it could invest as much as $5 billion in its US battery business and create as many as 6,000 jobs.
When both plants are complete in 2023, the Georgia site will join facilities in Europe and Asia to give SK Innovation a projected annual global capacity of 71 GWh, making it one of the leading makers of EV batteries in the world.