Lithium-ion batteries used to power electric vehicles are on display during an international exhibition on battery and charging infrastructure at the KINTEX exhibition center in Goyang, northwest of Seoul, on June 27, 2023. (Yonhap)
SEOUL, July 4 (Korea Bizwire) — South Korean battery makers are focusing on attracting funds to advance technology and expand production capacity.
LG Energy Solution Ltd. has decided to issue corporate bonds worth 1 trillion won (US$768 million) for the first time since its establishment, according to industry sources.
The company doubled the initially suggested amount after demand prospects for its corporate bonds exceeded 4.72 trillion won.
LGES’ capital expenditures in facilities amounted to 6.3 trillion won last year. This year, the company plans to increase its investment by over 50% compared to last year.
In early June, SK Innovation Co. finalized a $400 million investment from a Singaporean financial investor.
In May, the company secured a total stock investment of 1.24 trillion won from the MBK Consortium and Saudi’s SNB Capital.
SK Innovation’s subsidiary, SK On Co., spent 2.15 trillion won in the first quarter of this year to build and expand battery assembly lines, a twelvefold increase from the previous year.
LGES also invested 1.81 trillion won in battery assembly lines during the first quarter of this year, doubling its investment compared to last year.
H. M. Kang (hmkang@koreabizwire.com)
