, Korea

South Korean and Chinese JV to make batteries for EVs

Will become China’s biggest maker of EV batteries.

SK Innovation Company, the holding company of South Korea's top refiner SK Energy Company, has signed an agreement to form a joint venture with state-owned Beijing Automotive Industries Holding Co. and Beijing Electronics Holding Co., the world's fifth largest LCD maker.

The joint venture will invest US$166.4 million to build a battery pack plant that will have an annual production capable of powering 10,000 electric vehicles or EVs by the second half of 2014. A battery pack consists of any number of individual battery cells.

The plant will increase its capacity to power 30,000 EVs by 2017. SK Innovation said the joint venture will grow into the biggest EV battery manufacturer in China by generating annual sales of more than US$175 million.

SK Innovation will provide its own EV to the joint venture until it will set up its own battery manufacturing facility.

 

 

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.
Indonesia to add 90 MW geothermal capacity
Three power plants in West and East Java and North Sumatra will start operating this year.