SK Innovation will invest US$1.67 billion in its Georgia battery plant
SK Innovation, a leading developer of lithium-ion batteries for electric vehicles, announced it will create more than 2,000 jobs and invest US$1.67 billion to build a new EV battery manufacturing plant in Georgia.
SK Innovation, which is part of SK Group, is making the investment to better compete in the growing global EV battery market. Customers for SK Innovation include Mercedes-Benz and Hyundai-Kia Motors, and this new investment will provide opportunities for SK Innovation to bring its world-class products to additional automakers in the US.
“We are excited to bolster our presence in the United States by making this investment in Georgia,” said SK Innovation CEO Jun Kim. “SK Innovation is a worldwide leader in the energy industry and this latest investment will allow us to work with the growing automotive industry in the Southeastern United States, ensuring future partnerships for years to come.”
The new plant will be located in Jackson County, Georgia. Construction will occur in two phases, beginning in early 2019. The first phase will invest approximately US$1 billion and employ more than 1,000 advanced manufacturing employees, making it the largest scale electric vehicle battery plant in the US. SK Innovation leadership worked closely with federal, state and local officials to finalise the investment.
“SK Group’s investment in the state of Georgia is undeniable proof that President Trump’s economic policies are working for the American economy and American worker,” said US Secretary of Commerce Wilbur Ross. “I am delighted that a world-class technology company such as SK sees the merits of manufacturing in the United States. As similar companies across the world are discovering, there is no better place to do business than right here in America.”
For decades, SK Group has been building relationships within the US. It already has significant investments in the US and currently employs nearly 2,000 US workers across 10 states.