SK Innovation to build $859mn EV battery plant in Hungary

By Andrew Woods
South Korean petroleum refining company SK Innovation announced today an investment of US$859mn in the construction of an electric vehicle (E...

South Korean petroleum refining company SK Innovation announced today an investment of US$859mn in the construction of an electric vehicle (EV) battery plant in Komárom, Hungary. The facility, which the Budapest Business Journal reports will cover 112,000 square meters, will be the company’s second in the country.

In 2018, SK Innovation began construction of the first plant, which cost approximately $350mn. The original facility, also located in Komárom, has a capacity of 7.5GW per hour. Upon its completion in 2021, SK Innovation’s total global capacity is expected to include the No.1 Komarom plant (7.5GWh per year) and the new No.2 Komarom plant in Hungary, Changzhou plant in China (7.5GWh per year), Georgia plant in the U.S. (9.8GWh per year), in addition to the Seosan plant in Korea (4.7GWh per year).

The decision is part of SK Innovation’s initiative to strengthen its operations and presence in the European region. "SK Innovation will be able to strengthen the position of our battery business in the European market by deciding to build a new plant as an expansion of our first plant in Europe," Kim Jun, CEO of SK Innovation, said. "SK Innovation will become one of the best global EV battery producers by 2022 and raise the value of our company by obtaining production capacity to utilize our technological process."

SEE ALSO: 

Last year, SK Innovations won a lucrative contract with Volkswagen AG and Daimler AG to supply the German car manufacturers with batteries for their electric vehicle offerings in the United States and Europe, according to a Bloomberg report. By 2020, according to Reuters, Volkswagen will offer a range of 25 electrified vehicles, with 12 of those being fully electric.

At CES 2019, Jun said: “We’re confident we can become a global leader.”

Share
Share

Featured Articles

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

In the effort towards decarbonisation, North America could be a key player in providing affordable natural gas, addressing energy security issues

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy

Ørsted closes US$140m transaction with ECP for US portfolio

Renewable Energy