Korean battery company SK Innovation has just announced their plan to construct a new battery manufacturing plant in Jackson County, Georgia, northeast of Atlanta.
SK Innovation established themselves as South Korea’s first oil refining company in 1962. Since their formation, SK Innovation have engaged in diverse areas of business, including exploration and production (E&P), batteries, and information and electronics materials. SK Innovation currently owns SK Energy, South Korea’s No.1 refining company, SK Global Chemical, the leader in the domestic petrochemical industry, SK Lubricants, a global lubricants company, SK Incheon Petrochem, a refining and chemical company, and SK Trading International, a trader of crude oils and petrochemicals.
In an attempt to better compete with the growing global electric vehicle marketplace, SK Innovation announced earlier this week that they intend to build a factory to produce lithium-ion battery cells for electric cars in Jackson county, Georgia. SK Innovation currently sells to well known manufacturers such as Mercedes-Benz, Kia, and Hyundai, but their new investment could potentially provide opportunities for the Korean battery company to bring their world-class products to additional automakers in the U.S.
In their most recent press release, Jun Kim, CEO of SK Innovation, stated:
“We are excited to bolster our presence in the United States by making this investment in Georgia. SK Innovation is a worldwide leader in the energy industry and this latest investment will allow us to work with the growing automotive industry in the Southeastern United States, ensuring future partnerships for years to come.”
U.S. Secretary of Commerce Wilbur Ross added:
“SK Group’s investment in the state of Georgia is undeniable proof that President Trump’s economic policies are working for the American economy and American worker. I am delighted that a world-class technology company such as SK sees the merits of manufacturing in the United States. As similar companies across the world are discovering, there is no better place to do business than right here in America.”
Beginning in 2019, the Georgia battery factory will be constructed in two phases. SK Innovation will invest approximately $1 billion into the project while providing over 1,000 job opportunities for the local community. The Korean battery company believe that the factory has the potential to be “the largest scale electric vehicle battery plant in the United States,” rivaling that of even Tesla.
Source: Business Wire