April 26, 2024
Industrials
SK Innovation to invest W10tr in new biz sectors
[THE INVESTOR] SK Innovation said on May 31 that it plans to spend 10 trillion won (US$8.91 billion) in the battery and other non-refining sectors by 2020 to reshape its business portfolio.
In a regulatory filing, SK Innovation said the investment will help it solidify its status as a leading energy and chemicals firm in the world.
Earlier this week, SK Innovation said it aims to secure a 30-percent share in the global battery market by 2025 with its battery output capacity to be raised to 10GWh in 2020 from its 1.1GWh last year.
The energy company said earlier it would double its electric vehicle battery production capacity in order to meet growing demand. SK Innovation previously doubled its EV battery-making capacity in 2015. The company said it has an order backlog that will keep it busy for seven years.
The firm SK Innovation also said it will boost its petrochemicals business which covers high-end and high value-added products and lubricants. In order to achieve that goal, it will shoot for more mergers and acquisitions.
By Alex Lee and newswires (alexlee@heraldcorp.com)
In a regulatory filing, SK Innovation said the investment will help it solidify its status as a leading energy and chemicals firm in the world.
Earlier this week, SK Innovation said it aims to secure a 30-percent share in the global battery market by 2025 with its battery output capacity to be raised to 10GWh in 2020 from its 1.1GWh last year.
The energy company said earlier it would double its electric vehicle battery production capacity in order to meet growing demand. SK Innovation previously doubled its EV battery-making capacity in 2015. The company said it has an order backlog that will keep it busy for seven years.
The firm SK Innovation also said it will boost its petrochemicals business which covers high-end and high value-added products and lubricants. In order to achieve that goal, it will shoot for more mergers and acquisitions.
By Alex Lee and newswires (alexlee@heraldcorp.com)
