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SK on revealed on Wednesday that it will allot fresh investment to increase its battery production in South Korea. The company said it will spend KRW1.5 trillion or about $1.12 billion for the plan.
To ramp up its manufacturing capacity, SK on will build a new production facility in the country. This will be the company’s biggest investment in its home base as it gears up for expansion.
SK on’s proposed third factory is set to be built on 44,125 square meters of land area. The building will rise inside the industrial complex in Seosan, South Chungcheong Province. Yonhap News Agency reported that the company’s two other plants in Korea are also located in this city.
The memorandum of understanding (MOU) for the investment was signed by the city government officials of Seosan and the provincial government of South Chungcheong Province. The signing ceremony was also attended by SK on’s chief executive officer, Ji Dong Seop, and other company executives.
The new plant is expected to be completed by the year 2025. The projected total annual capacity once full operations begin is 14 gigawatt hours by 2028.
As per The Korea Times, this expansion seems to be in accordance with Hyundai Motor’s plan to build a new electric vehicle plant in Ulsan worth KRW2 trillion. The location is just 285 kilometers away from Seosan, where SK on is building its own facility. Meanwhile, expanding the battery plant in Seosan will generate more than 800 new jobs for the locals.
“This investment is meaningful, as it will strengthen the production capability of domestic batteries,” SK On’s chief said in a statement. “Based on the aggressive investment, we will contribute to the local economy and try to become a representative firm that leads the global market.”
Photo by: SK on Website
