SK Materials to form EV battery material JV with U.S.-based Group 14

김은정 / 2021-07-20 14:35:33
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SK Materials-battery material JV
▲ SK Materials Co.'s headquarters in Yeongju, 230 kilometers southeast of Seoul, is seen in this photo provided by the company on July 20, 2021. (PHOTO NOT FOR SALE) (Yonhap)

SK Materials-battery material JV

SK Materials to form EV battery material JV with U.S.-based Group 14

By Kim Eun-jung

SEOUL, July 20 (Yonhap) -- SK Materials Co., a semiconductor and display material subsidiary under SK Group, said Tuesday it will form a joint venture with Group 14 Technologies to tap into the lithium-ion battery material business.

SK Materials said it plans to invest 60 billion won (US$52 million) to hold a 75 percent stake in the joint venture with Group 14 Technologies, a U.S.-based provider of lithium-silicon battery material designed to enhance the energy density of batteries.

The joint venture will build a lithium-silicon battery material factory in South Korea in 2022 to meet growing demand for high-performing battery materials, SK Materials said.

In December, SK Materials invested $13 million to acquire 10.3 percent of shares in Group 14 to become its third-largest shareholder.

SK Group, South Korea's third-biggest conglomerate, has been ramping up investment in the battery business to target the growing electric vehicle market, with its battery-making subsidiary SK Innovation Co. pledging 30 trillion won of investment by 2025 to go green.

(END)

(C) Yonhap News Agency. All Rights Reserved

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