SK Innovation to increase battery plant investment in US by $940-M

SK Innovation Co. will invest $940 million more in expanding its electric vehicle (EV) battery plant in the US.

SK Battery America will break ground on the second EV plant with a capacity of 11.7 gigawatt-hours in July.

SK Innovation already has a $1.67 billion investment for two manufacturing facilities in the state of Georgia.

Georgia Gov. Brian P. Kemp said that with SK innovation's investments, Georgia is cementing its status as the Southeastern US hub for the EV and EV battery market.

SK Innovation is already building its first EV battery plant in Georgia with a 9.8 GWh capacity, which is on track to mass produce EV batteries by 2022.

SK Innovation's US investments would raise its global output capacity to 71 GWh, which is enough to manufacture batteries for over 1.4 million electric vehicles.

It would further increase its capacity to 100 GWh by 2025.

SK Innovation has three operating plants in South Korea, China, and Hungary.

SK innovation's customers for its batteries include Mercedes-Benz, Volkswagen, Ford Motor Co., and Hyundai-Kia Motors.