SK On, the battery division of the South Korean company SK Innovation, has secured further capital for its global expansion. SK On has now managed to well exceed its targeted investment amount of 4 trillion won with the addition of this latest financing round.
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The South Korean company SK IE Technology (SKIET) has reached an agreement with the Chinese battery manufacturer Sunwoda to supply separators for electric car batteries. Initially, the agreement will cover China, but later the supply will also be extended to Europe.
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The South Korean city of Incheon, located near the capital Seoul, plans to introduce a total of 700 fuel-cell buses by the end of 2024. A total of 200 of these H2 buses are to be put into operation this year, and the rest next year.
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SK Group subsidiary SK Nexilis has signed a supply contract with Northvolt for copper foil worth up to 1.4 trillion won (US$1,08 billion). The five-year contract will come into effect next year.
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SK On, the battery division of the South Korean company SK Innovation, which was spun off in autumn 2021, will receive 2.8 trillion won in additional capital to expand its business. Converted, this currently corresponds to around 2 billion euros.
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SK Innovation and the recycling specialist SungEel HiTech want to launch a battery recycling joint venture in Korea. Both sides have just signed a letter of intent. The joint venture is to be founded next year.
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In the US state of Tennessee, construction work has begun on the first joint battery and electric car factory of Ford and SK On. A new all-electric pickup truck and batteries for electric vehicles from Ford and Lincoln are to be produced there from the planned opening in 2025.
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After months of pre-series production, Volkswagen has now built the first production model of the ID.4 for customer deliveries at its US plant in Chattanooga. In the course of the fourth quarter of 2022, production is to be ramped up to 7,000 cars per month.
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In Korea, SK On –the battery division of the South Korean company SK Innovation – has signed a ‘Business Agreement on Establishing Standards for EV Battery Status and Valuation’ with the Korea Automotive Inspection and Warranty Association (KAIWA).
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SK E&S, an energy company affiliated with South Korea’s conglomerate SK Group (SK Innovation), is entering the US electric vehicle charging market. SK E&S has acquired US EV charging solution provider EverCharge.
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SK Innovation has revealed that it will be collaborating with a research team led by Professor Lee Seung-woo of Georgia Tech in the United States with the aim of advancing “the era of next-generation all-solid-state batteries.” SK Innovation is not only conducting its own research but putting efforts to develop all-solid-state batteries actively cooperating with […]
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VW will start series production of the ID.4 in the USA in September or October 2022, according to its North American unit head. There will probably be slight differences to the examples of the electric SUV built in Europe.
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SK On, the battery division of the South Korean company SK Innovation, which was spun off at the beginning of October, is apparently planning its fourth and so far largest production facility for electric car batteries in China. According to an agency report, the new plant will not be part of a joint venture, but […]
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SK Innovation has signed a development agreement with the US solid-state battery specialist Solid Power and will also invest in it. The declared goal is to develop a solid-state battery with an energy density of at least 930 Wh/l.
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SK IE Technology (SKIET) has officially opened its first of a total of four planned production facilities for separators for use in electric car batteries in Poland. The subsidiary of the South Korean battery cell manufacturer SK Innovation plans to start production there this year.
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SK Innovation officially completed the spin-off of its battery business on 1 October. The now independent battery division of the South Korean company is called SK On and is headed by Jee Dong-seob.
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Ford has announced a massive expansion of its electric vehicle business. Together with battery partner SK Innovation (SKI), Ford will invest 11.4 billion US dollars in the construction of second new sites with assembly and battery plants in Tennessee and Kentucky. Operations are scheduled to begin in 2025.
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According to a media report, the Korean battery cell manufacturer SK Innovation has won the Chinese electric car manufacturer Xpeng as a new customer. Xpeng has so far mainly relied on cells from CATL.
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The South Korean battery manufacturer SK Innovation has announced a new battery cell production plant in China. The company plans to invest 1.2 trillion won (about 900 million euros) in the plant.
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SK Innovation has decided to spin off its battery business. The new company, provisionally named SK Battery, is to be founded on 1 October. In the second quarter, however, the division was still in the red.
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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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