ATLANTA--(BUSINESS WIRE)--SK Innovation, a leading developer of lithium-ion batteries for electric vehicles (EVs), was joined Tuesday by Governor Brian Kemp of Georgia and U.S. Secretary of Commerce Wilbur Ross to kick off construction of the company’s new EV battery factory located outside the City of Commerce in Jackson County, Georgia.
“Today’s groundbreaking marks an important step in SK Innovation’s blossoming partnership with the U.S., the state of Georgia and global automakers throughout the region whose collective confidence in our technology helped spur this investment,” said SK Group Executive Vice Chairman Jae-won Chey. “I have no doubt that today’s ceremony will go down in history as the beginning of a brand new chapter in global car development.”
Located on 283 acres inside Commerce’s industrial complex, the $1.67 billion facility – SK Innovation’s first EV battery factory in the U.S. – will generate 2,000 jobs by 2025 and boast a production capacity of 9.8GWh beginning in 2022.
“SK Innovation’s plant represents one of the largest single investments in a job creating initiative in Georgia’s history,” said Governor of Georgia Brian Kemp. “We are humbled by SK’s investment in our students, workers and our state’s future and look forward to years of collaboration to ensure our best days are ahead.”
The EV battery cells produced from the Commerce factory will be supplied to major global automakers with manufacturing operations in the U.S.
“This major investment by SK in Georgia is evidence that our work to make the United States the best place in the world to invest has been fruitful,” Secretary of Commerce Wilbur Ross said. “Innovative products and the processes to make those products are revitalizing the U.S. economy, which is growing faster and creating more jobs than it has in decades.”
In addition to Secretary Ross and Governor Kemp, the ceremony was attended by over 200 guests, including state legislators, members of the U.S. Congress, Executive Vice President of SK Group Jae-won Chey, and CEO and President of SK Innovation Jun Kim, along with SK employees.
With the construction of this battery plant in Georgia, SK Innovation will have expanded its EV battery production base to span four countries, including South Korea, Hungary, China, and the United States. Currently, SK Innovation has the capacity to produce 4.7GWh in EV batteries annually, all in South Korea. By 2022, upon completion of plants in Hungary, China and the U.S., SK Innovation’s annual production capacity for EV batteries will jump to 60GWh – more than six times its current capacity.
SK Innovation started out as one of the largest energy and chemical companies in South Korea, and has been expanding its business into EV batteries and LiBS (Lithium-ion Battery Separator). SK Innovation has successfully developed and commercially produced the NCM811 battery for the first time in the world, boasting its superior technological competitiveness.
In addition, SK Innovation has developed Wet-type LiBS, a key component of the EV battery, back in 2004 for the third time in the world. Its LiBS technology helps SK Innovation to offer clearly superior quality products.
About SK Innovation Co., Ltd
Established as South Korea’s first oil refining company in 1962, SK Innovation engages in diverse areas of business, including exploration and production (E&P), batteries, and information and electronics materials. It 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. As part of their management system, SK Innovation pursues the maximization of happiness for all stakeholders. It is for this reason that SK Innovation recognizes the importance of and pays attention to social enterprise, a way to create social values through business.