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SK On Co. said on Tuesday, March 22, that it is welcoming the European Union's green light for the $230 million aid for SK Innovation's electric vehicle battery facility. The extra funding from Hungary will be put in for the ongoing construction of the Korean firm's battery plant in Ivancsa, located in the south of Budapest.
SK On said it welcomes the EU's decision for Hungary's aid and made a pledge that it will do its best to contribute to Europe's electrification and decarbonization plans. The company will also commit to helping the local community's development.
As per Yonhap News Agency, the European Commission gave the nod to Hungary's decision to support the construction of SK On's third EV battery factory in the country. It is planning to invest €209 million for the project, and the EU approved it.
With its new battery plant, SK On shared, it is aiming to grow further and become a global battery producer. Its goal is to reach the production of 500 GWh by 2030 because, as of the last quarter of 2021, the company incurred a cumulative order backlog of 1,600 GWh.
Reuters reported that SK On's new plant in Hungary will mainly produce lithium-ion battery cells in addition to battery modules designed for electric vehicles. These batteries are likely to be supplied to major auto brands such as Ford Motor Co., Hyundai Motor Co., Ford Motors, and others since SK Innovation has already been supplying to them.
"The European Commission has found that Hungary's €209 million measure in favor of SK On Hungary is in line with EU State aid rules," the EU said in a press release. "The investment aid will support the construction of a new battery cell manufacturing plant in the Közép-Dunántúl region. The aid will also contribute to the development of the region and job creation, whilst preserving competition."
As mentioned, one of the reasons why the European Commission gave its approval is because the project will help develop the territory and it will open jobs for the locals too. The EU believes that these gains outweigh any possible competition.
Meanwhile, SK On is the battery division of South Korea's energy company, SK Innovation Co. It was only last year when it announced its plans to build its third battery factory in Hungary.
