Reports say that SK Innovation Co., a South Korean top company has finalized an agreement to supply its advanced electric vehicle battery to Mercedes Benz’s EV cars beginning next year, the latest in a series of its EV battery supply deals. However, the company did not disclose any financial details.
Since 2008, SK Innovation has been pushing for the EV battery business by expanding its global outreach as part of its efforts to search for a new source of income.
In 2012, the company built the first-ever battery factory in Seosan, which is 150 kilometers south of Seoul, and recently doubled its capacity to 700 megawatts, which is capable of offering batteries for 15,000 vehicles a year.
SK Innovation mulls further expanding its EV battery down the road. The company supplies Li-ion batteries for EVs manufactured by Kia Motors and China’s state-run Beijing Automotive Industries Holdings.
In South Korea, Samsung SDI Co., a chemical unit under Samsung Group and LG Chem Ltd., a huge chemicals and battery company under the LG Group, are the top two EV battery producers that have clinched a number of deals with leading automotive manufacturers over the past years.
