SK Innovation, South Korea’s top refiner, said Wednesday that it plans to spend 950 billion won ($850 million) on a second EV battery plant in Hungary to meet growing demand in Europe.
The plant in the northwestern Hungarian city of Komarom will be completed by 2020, with operations expected to start in 2022, the company said.
In October, SK Innovation, a latecomer to the EV battery field, unveiled a 1.14 trillion-won project to build a production plant in the United States. The plant, in the city of Commerce in Jackson County, Georgia, will have a capacity of 9.8 GWh.
The company currently has EV battery plants in South Korea and China.
SK Innovation is South Korea’s leading refiner, but it has been moving into the EV battery business since 2008 as part of its efforts diversify its operations and find new revenue sources.
Source : koreaherald