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Ford EV Partner SK Signs MOU With Export Development Canada

Though EV demand, in general, has failed to meet expected levels of growth as of late, sales remain strong, and companies that make both batteries and all-electric vehicles remain optimistic about the future. That list includes Ford EV battery partner SK, a South Korean company that is erecting multiple facilities around the globe and signing deals with a host of suppliers as it aims to secure enough raw materials to meet future demand. Now, SK On has signed yet another deal with another entity.

Ford BlueOval SK Battery Plant May 2024 Update

That entity is Export Development Canada (EDC) – the country’s export credit agency – with which the Ford EV partner has now signed a Memorandum of Understanding (MoU) that aims to explore ways to advance export trade and investments between Canada and South Korea. The concept behind this MoU is to leverage EDC’s financing and structuring expertise, as well as its relationships with exporters and investors, to help expand that country’s goal of becoming a major source of clean energy.

“This exciting new partnership with SK Group will further deepen Canada and Korea’s two-way trade, particularly in areas that support both countries’ commitment to build economically resilient, innovative and sustainable nations,” said Todd Winterhalt, Senior Vice-President, International Markets and Head of Communications and Public Affairs. “Working with a recognized market leader like SK Group, EDC can help grow Canadian trade opportunities in Korea by increasing our market knowledge, building networks and enhancing supply chains between our countries. With Korea’s ambitious net zero goals, including its commitment to the Korea Green New Deal, Canadian technology, innovation, and capital can all play an important role.”

SK Battery America Commerce Georgia EV Battery Plant

This MoU is just the latest in a flurry of deals that SK has signed in recent months, which most recently includes ExxonMobil in a deal that aims to provide it with a large amount of lithium in the coming years, as well as access to a potential lithium offtake agreement in the U.S. Soon, SK will work with Ford to produce batteries at the under-construction, joint-venture BlueOval SK Battery Park site, too.

We’ll have more on SK soon, so be sure and subscribe to Ford Authority for continuous 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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