SK Innovation to expand EV battery manufacturing in Europe

On May 26th, SK Innovation held a board meeting that came to approve a guarantee of obligation regarding the second EV battery plant in Hungary, known as SK Battery Manufacturing Kft. (hereinafter SKBM). The green loan funds, procured by SKBM from the Export-Import Bank of Korea, were obtained under large-scale and favorable financial terms in which SK Innovation would be under a guarantee of obligation. The scale of the funds is USD 500 million over a period of 7 years. These funds are to be used for the construction of the SKBM, the company’s second EV battery plant in Hungary, a press release reads. In continuation of the two EV battery plants in Komárom, Hungary, SK Innovation announced in January of its investment in a third battery plant in Iváncsa, Hungary, with an annual capacity of 30 GWh. The construction of the third plant in Hungary will be commenced in the third quarter this year.