South Korea's SK Innovation will spin off its battery business on October 1, and build the world's largest battery supplier by 2030, with a production capacity of 500GWh.
The company has high-nickel lithium-ion soft pack battery production bases in Hungary, South Korea, the United States and China, and plans to expand its production capacity to 85GWh by 2023, 200GWh by 2025, and 500GWh by 2030. It also plans to expand to cylindrical and original battery form factors.
The company is building a second plant in Komárom, Hungary. After receiving 90 million euros from the European Commission, the annual production capacity is about 10GWh. The company said that the 700 million euro plant will be completed later this year and will be put into commercial operation next year. The Hungarian government's subsidy plan for SK Innovation was approved in July after a 10-month review.
Jee Dong-seob, President of SK Innovation's battery business, said: "SK Innovation aims to become a global leader in the electric vehicle battery market through active investment. "We will continue to work hard to contribute to the development of the local community and the electric vehicle market. "
The decision to separate the battery business from SK Battery and the petroleum exploration and production (E&P) business was passed with an 80.2% approval rate at the extraordinary general meeting on Friday.
The company has a backlog of 1TWh orders, which allegedly makes it the largest battery supplier in the market. This means that by 2025, production capacity will increase from the current 40GWh to more than 200GWh. In contrast, NorthVolt in Europe plans to achieve 150GWh of production capacity by 2030. This is mainly after the announcement of joint ventures with automaker Ford and supplier Continental, as well as Daimler, Volkswagen, Hyundai Motor and BAIC in China.
Kim Jun, CEO and President of SK Innovation, said: “It will enhance our competitiveness and accelerate business growth by establishing a management system tailored to each business unit.” Jun said that the spin-off will mark the company’s A major turning point in improving global competitiveness and accelerating growth.
SK Battery will operate large and medium-sized batteries, BaaS (Battery as a Service) and ESS (Energy Storage System) business and materials, lithium ion battery separator (LiBS) business and BMR (battery metal recycling) business.
SK E&S will include CCS (Carbon Capture and Storage) at the same time as oil exploration and production.
"In the increasingly fierce global competition, it is an inevitable decision to gain an unwavering advantage by enhancing the expertise and competitiveness of each business. We will make full use of this spin-off and build unique and customized Management system to enhance our competitive advantage to accelerate the quality and quantity growth of our company," Jun.
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