SEOUL, Nov. 26 (Korea Bizwire) — SK Innovation Co., South Korea’s top energy-chemical business, said Monday that it will invest 1.14 trillion won (US$1.01 billion) to build an electric vehicle (EV) battery plant in the United States.
The company said it has decided to construct the 9.8 gigawatt-hour capacity battery plant in the city of Commerce in Jackson County, Georgia.
A local unit, tentatively called SK Battery America, will run the plant, with the company’s Seoul headquarters providing the financing by 2022.
The U.S. plant could be expanded if the need arises.
“The investment is aimed at completing the company’s global production chain by establishing a base in the U.S.,” SK Innovation said in a filing.
Thanks to the planned investment, the company will have EV battery plants in each of its four key markets — South Korea, China, Europe and the United States.
SK Innovation is South Korea’s leading refiner, but it has moved into the EV battery business since 2008 as part of its efforts diversify its operations and find new revenue sources.