EV Engineering News

SK On secures $2 billion in investment for Hungary battery plant

SK On, a battery company and subsidiary of SK innovation, has secured $2 billion in investment resources from export credit agencies, which it plans to devote to an under-construction battery plant in Iváncsa, Hungary.

“Euler Hermes and Korea Trade Insurance Corporation will provide insurance worth $800 million and $700 million respectively, and the Export-Import Bank of Korea will guarantee a $200-million loan,” says SK innovation. “At the same time, the Export-Import Bank of Korea will loan $300 million directly to SK. With this, SK On is set to withdraw the resource sequentially from seven overseas commercial banks starting next month.”

According to SK innovation, SK On’s Plant No. 3 in Europe “will annually be producing a 30 gigawatt-hours (GWh) scale of batteries from 2024.”

Also, SK On has new plants under construction in the US, Europe and China. “From the 1.7 GWh production capacity in 2017, these new plants will increase the company’s production capacities to 77 GWh by the end of this year, to 220 GWh by 2025, and to 500 GWh by 2030,” says SK innovation.

According to SK innovation: “The large volume of supply orders SK On has already received from automaker companies, as well as the fact that the company has been approved by the ECAs to be a representative green business to reduce carbon, have made this funding scale possible.”

Source: SK innovation

Create Account. Already Registered? Log In

Virtual Conference on EV Infrastructure: Free to Attend

Don't miss our next Virtual Conference on December 4-6, 2023. Register for the free webinar sessions below and reserve your spot to watch them live or on-demand.


EV Engineering Webinars & Whitepapers

EV Tech Explained

The Tech

How to protect an EV’s on-board charger from transient grid surges

Renesas unveils processor roadmap for next-gen automotive SoCs and MCUs

Researchers shape hard carbon to form high-capacity electrodes for sodium-ion batteries

ZF introduces a purely electric brake system for software-defined and electric vehicles

The Vehicles & Infrastructure

ubitricity and UK Power Networks to launch program that shifts charging demand from peak hours

Does Germany have too many public EV charging stations?

Low electrical conductivity coolants for EV charging applications (Webinar)

SWTCH and Hubject to expand roaming for North American EV charging

HummingbirdEV secures funding for its commercial EV systems

Cola EV wars: Daimler delivers Freightliner eCascadias to California Coca-Cola Bottler

What does President Biden’s support for unions mean for the EV industry?

BMW Group Logistik tests electric semi-trailer in real-world logistics operations 

Electric Era installs its first PowerNode battery-buffered EV fast charging station

EVBox integrates with AMPECO EV charging platform via OCPP 2.0.1