The South Korean battery cell manufacturer SK Innovation received a subsidy of 90 million euros from the Hungarian government for its second plant in the country. The prerequisite was that the EU Commission give the green light for the state aid, which has now happened.
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SK Innovation has announced its intention to expand its production capacity to over 500 GWh by 2030. As part of its new strategy ‘From Carbon to Green’, the company, which was founded as an oil refinery, wants to invest heavily in the battery business, possibly also with external investors.
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Electric car manufacturer Polestar is exploring a wide-ranging alliance with South Korean conglomerate SK to advance the development of electric cars. The possible collaboration also includes a potential supply of SK batteries for upcoming Polestar vehicles.
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SK Innovation has received a loan of 500 million US dollars from the Export-Import Bank of Korea. These funds are to be used for SKI’s second production facility for electric car battery cells in Hungary.
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Increasing battery sales are reflected in the balance sheets of the Korean battery cell manufacturers LG Energy Solution and SK Innovation. In the first quarter of 2021, both groups posted a year-on-year increase in sales of 88 and 80 per cent, respectively.
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Ford and SK Innovation have agreed to set up a joint venture to produce battery cells and modules for use in the US carmaker’s electric vehicles. The joint venture, called BlueOvalSK, aims to have an annual production capacity of 60 GWh.
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In South Korea, Kia Motors and SK Innovation have joined forces to build a circular economy for electric vehicle batteries. This involves the follow-up use of end-of-life electric car batteries as stationary energy storage units as well as the recycling of materials such as lithium, nickel and cobalt.
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Hyundai and Kia now cooperate with fellow South Korean cell manufacturer SK Innovation to develop and produce new batteries for hybrid vehicles. This involves optimized pouch cells that are to be used in new hybrid models from 2024.
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South Korean battery cell manufacturers SK Innovation and LG Energy Solution have reached a settlement in their year-long legal dispute. Both companies agreed to stop all legal proceedings in the US and South Korea and to refrain from suing each other for the next ten years.
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SK Innovation is considering exiting its battery business in the US if President Joe Biden does not reverse the US Trade Commission’s ruling in the South Korean battery cell maker’s lawsuit in favour of SKI rival LG Chem by 11 April.
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SK IE Technology has decided to build two new Polish plants for separators used in electric car batteries. The subsidiary of South Korean battery cell manufacturer SK Innovation is already building two plants in Poland, with construction of plants 3 and 4 scheduled to begin in the third quarter of 2021.
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It looks like Volkswagen will not rely on its South Korean suppliers LG Chem, and SK Innovation for the planned new standard battery cell format announced at the Power Day this Monday.
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The legal dispute between the two South Korean battery manufacturers LG Chem and SK Innovation in the USA has been decided – in favour of LG Chem or LG Energy Solution. The ruling also has consequences for Ford and Volkswagen.
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SK Innovation turned over 1.61 trillion won, the equivalent of around 1.2 billion euros, with its battery business in 2020. Compared to 2019, sales more than doubled, but the battery business still left a bottom-line loss of 426.5 billion won (318 million euros) in 2020 – due to investments.
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SK Innovation has decided to build a third battery cell factory in Europe. Like the first two European production facilities for battery cells, the Korean company will set up shop in Hungary, specifically in Iváncsa, 50 kilometres southwest of Budapest.
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The South Korean company SK Innovation is entering the battery replacement technology business in China. This has been made possible by a strategic investment in the company specialised in battery swapping called Blue Park Smart Energy (BPSE) that is a subsidiary of the BAIC Group.
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The South Korean battery cell manufacturer SK Innovation plans to issue a $1 billion green bond to finance the expansion of its production capacity in the US which amounts to around 810 million euros.
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SK IE Technology, a subsidiary of SK Innovation, has commissioned a new factory for lithium-ion battery separators in Changzhou, China. It is the first separator plant outside Korea for the Group.
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SK Innovation has announced new battery cells that will enable electric cars to cover a distance of 500 miles or 800 kilometres with two 10-minute quick charge stops. In addition, a cathode with a higher nickel content is expected to go into series production shortly.
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SK Innovation has announced that it will hire more than 1,000 skilled workers by the end of 2021 in preparation for its first of two battery cell factories in the US. Both plants will be in the state of Georgia and produce cells for more than 300,000 electric vehicles per year.
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South Korean electric vehicle battery manufacturers more than doubled their market share between January and July 2020. In general, the market contracted by 16.8 per cent from 64.1 to 53.3 GWh capacity during the first seven months of the year due to corona.
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Hyundai Motor Group and SK Innovation have agreed to work together to develop a sustainable ecosystem for electric vehicle batteries. The cooperation of the South Korean companies will include various business areas not directly related to cell manufacturing.
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After a preliminary ruling in favour of LG Chem was issued in the U.S. regarding the legal dispute between the South Korean battery manufacturers LG Chem and SK Innovation, the legal dispute between the two companies continued in South Korea – and a ruling has been made.
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Volkswagen has begun to expand its Chattanooga plant in the USA in preparation for the production of the VW ID.4 before series production begins in 2022. The expansion not only applies not only to the assembly of electric cars but also to the development of new electric models.
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SK Innovation has announced that it is working with Professor John Goodenough to develop next-generation battery technology. This will involve a special electrolyte for lithium metal batteries.
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The first series-production electric car from Arcfox, a dedicated EV brand by BAIC BJEV, is now going on sale in China. The Arcfox Alpha-T is a large electric SUV with premium standards and a range of over 650 kilometres.
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The US Trade Commission (ITC) has given a preliminary ruling on the legal dispute between the two South Korean battery manufacturers LG Chem and SK Innovation in the USA. The ITC has ruled in favour of LG Chem, and a final decision is expected by 5 October.
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South Korean battery cell manufacturer SK Innovation apparently wants to further increase its production capacities in the USA and Hungary to meet rocketing demand for EV batteries. There is also talk of a joint venture with Volkswagen.
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SK Innovation will become the exclusive battery cell supplier for Hyundai Group electric cars – specifically for the first model based on the Electric-Global Modular Platform (E-GMP), which is to roll off the assembly line from 2021.
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SK Innovation has opened its battery cell factory in China, the construction of which the South Korean manufacturer started in August 2018. In addition to the China Model 3 with LG Chem cells, a car with cells from SK Innovation has now also landed on the Chinese government’s coveted subsidy list.
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