Ford Authority

Ford EV Battery Partner SK On Secures New Investment

In addition to its joint venture with Ford – BlueOvalSK – South Korean EV battery maker SK On has signed a number of deals with a variety of other companies as it aims to vastly expand its output in recent months. Thus far, that list includes Ford’s rival Hyundai, as well as cathode material company EcoPro, Chinese battery materials producer GEM, and U.S. graphite company Westwater Resources Inc., to name just a few. In the meantime, SK On has also received financial support from South Korea and a variety of lenders as it aims to continue its rapid expansion, and now, it’s receiving yet another infusion of cash.

SK On 2023 InterBattery Show

SK On will receive these new funds via long-term financial investments from the MBK Consortium – which includes global financial investors from the United States, the Middle East, and other regions – while SNB Capital, a subsidiary of Saudi National Bank (SNB), also plans to invest via the Korea Investment PE EastBridge Consortium. Altogether, these investments will total $944 million USD.

This is just the latest round of funding SK On has collected, including KRW 1.2 trillion ($909 million USD) in investment funds acquired through the Korea Investment PE EastBridge Consortium, KRW 2 trillion ($1.514 billion USD) from its parent company, SK Innovation, and another KRW 1.24 trillion ($939 million) from a variety of global investors. In total, SK On has raised a maximum of KRW 4.44 trillion ($3.36 billion) this year so far, which surpasses its initial target of KRW 4 trillion ($3.029 billion).

Colbalt Free EV Battery SK On 2023 InterBattery Show

Much of these funds will go straight toward the company’s expansion goals as it aims to increase its annual production capacity from 88 GWh in 2022 to at least 220 GWh by 2025. Currently, SK operates EV battery production plants in the U.S., China, and Hungary, but is in the process of building several more at various locations around the globe.

We’ll have more on SK On soon, so be sure and subscribe to Ford Authority for ongoing Ford news coverage.

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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