SK Innovation increases investment in US EV battery business to $2.5 billion

SK Innovation

SK Innovation has announced additional investment in its US battery business to fund the construction of a second EV battery plant in Georgia. The company plans to invest a total of $2.5 billion to build two plants at its site in Commerce, Georgia, with a combined annual capacity of 21.5 GWh. 

SK broke ground on the first plant at the Georgia site in March 2019, and is expected to begin mass production in 2022. Construction on the second plant is expected to begin in July at the same site, with mass production to start in 2023. The company says it could invest as much as $5 billion in its US battery business, and create as many as 6,000 jobs.

“While the global community faces challenging times, SK Innovation believes it is important to continue making strategic investments to drive economic growth and meaningful change,” said  CEO Jun Kim. “With this investment, SK Innovation’s battery business will significantly contribute to not only the local Georgia economy but the development of the US EV industry value chain and ecosystem.”

Source: SK Innovation