SK Innovation Co., South Korea's leading refiner and chemical company, will invest another US$940 million in expanding its electric vehicle (EV) battery plant in the United States, a U.S. official has said.
Georgia Governor Brian P. Kemp said the new project is in addition to SK Innovation's $1.67 billion investment to develop two manufacturing facilities in the U.S. state of Georgia.
"Georgia is cementing its place as the Southeastern U.S. hub for the electric battery and vehicle market in large part thanks to SK innovation, and it is exciting to see the growth in demand for these quality products," Kemp said.
In regard to this, GDEcD Commissioner Pat Wilson commented, “We are grateful for SK innovation’s growing partnership with our state. Their continued expansion here is a testament to Georgia’s strong partnership with South Korea, along with our pro-business environment, unmatched workforce training programs, and robust logistics network”. He added, “I would like to thank our economic development partners for their continued commitment and dedication to creating jobs and opportunities in Georgia.”
With an annual capacity of 9.8 GWh, SK Innovation’s first EV battery manufacturing plant in Georgia is under construction and expected to start operating in 2021. The firm will break ground on its second plant here, which is set to produce 11.7GWh a year, in July. When the second plant in Georgia goes into mass production in 2023, SK Innovation will reach an annual global capacity of 71GWh, consolidating its position as one of the largest EV battery producers in the world.
Despite the ongoing global economic downturn and the crisis caused by the COVID-19 pandemic, SK Innovation keeps making bold moves to invest for the future. The company is expanding its battery production base not only in the U.S., but also at home and in Europe, China. Mercedes-Benz, Hyundai-Kia Motors, and Ford Motor Company are among the customers of SK Innovation’s battery business. The company’s further goal is to be among the top 3 global players in the EV battery market, aiming to produce 100GWh by 2025.
“SK has proven to be a great community partner,” said Chairman of the Jackson County Board of Commissioners Tom Crow. “We are pleased to hear that they continue to be successful in gaining market share in the electric vehicle battery business and that they continue to expand in Jackson County.”
On the other hand, in May, SK Innovation donated 400,000 US dollars to Augusta University in Georgia to support the local community to fight the COVID-19. The company’s contribution was used to help the state continue to enhance its testing capacity while reducing exposure for Georgia’s doctors, nurses, and medical staff through at-home screening. SK Innovation is making effort to create both economic and social values at all of its business sites.
