SK Innovation To Invest 400 Bln Won To Build RV Battery Separator Plant In China

SEOUL, Oct 7 (UrduPoint / Pakistan Point News - 7th Oct, 2018 ) :SK Innovation Co., South Korea's top energy-chemical business, said Sunday that it will invest 400 billion won (US$353.8 million) to build a separator plant for electric vehicle (EV) batteries in China.

The company said the new factory will be set up in Changzhou City in Jiangsu Province in eastern China and will be operated by SK hi-tech battery materials. The new company will be 100 percent owned by SK Innovation.

The facility, the first overseas operation for the company, will be used to make lithium-ion battery separator (LIBS) and ceramic coated separators (CCS), which are key components of high capacity EV power packs that drive electric cars.

"The decision to build the factory reflects rising demand from EV battery companies around the world for LIBS and CCS," a company source said.

He said the Changzhou plant could allow SK Innovation to better respond to future trends, particularly in China.

The Chinese EV market has considerable growth potential as Beijing is pushing to expand production of environmentally friendly vehicles to reduce pollution.

The insider said that the company will work closely with Chinese companies and contribute to the growth of the country's EV battery industry.

The factory, set to start commercial production in the third quarter of 2020, will be built on 145,000 square metersof land and have four LIBS and three CCS production lines.