SK IET Raises 300 Billion Won Investment... Investing in Battery Business
SK Inno to Hold Board Meeting on 23rd for Approval
Investment Funds Planned for Battery Plant Expansion and More
[Asia Economy Reporter Hwang Yoon-joo] SK Innovation is set to raise approximately 300 billion KRW in pre-IPO (pre-initial public offering) funding for its separator (LiBS) subsidiary, SK IE Technology (IET), before its public listing. The strategy is to invest this capital in the electric vehicle battery business.
On the 23rd, SK Innovation will hold a board meeting to approve the agenda for raising pre-IPO funds for SK IET. Currently, SK IET is in the final stages of negotiations to receive an investment of about 300 billion KRW from the domestic venture capital firm Premier Partners.
SK IET was established last year through a physical division of SK Innovation’s battery separator business unit. SK Innovation holds 100% of the shares, and the company plans to go public next year.
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The reason SK Innovation is pursuing the SK IET pre-IPO is to secure investment funds for its electric vehicle battery business. The funds raised are expected to be used for expanding the second plant in Kom?rom, Hungary, which is currently under construction, as well as the first and second plants in Georgia, USA. Through this, the company aims to increase its production capacity from approximately 5 gigawatt-hours (5 GWh) annually to 100 GWh.
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