- SK battery America Inc., the Korean firm’s U.S. subsidiary, will issue the green bond later in this month to build its second EV battery plant in Georgia
- The new fund will be an extension of $670 million of green financing pumped in SK battery America last year
As per various media reports, SK Innovation Co. plans to issue a green bond worth 1.09 trillion won ($1 billion) to expand its electric vehicle (EV) battery manufacturing capacity in the United States as per officials. A company spokesperson said that SK battery America Inc., the Korean firm’s U.S. subsidiary, will issue the green bond later in this month to build its second EV battery plant in Georgia.
The reports added that the new fund will be an extension of $670 million of green financing pumped in SK battery America last year. In March 2019, SK Innovation broke ground on its first EV battery production line in Georgia with a $1.67 billion investment.
Plant in Georgia is 90 percent complete
In July, it started building a second factory at the complex with an additional investment of $940 million. It has an aim of starting manufacturing in 2023. SK Innovation said its first plant in Georgia is 90 percent complete and ready for pilot production in the first half of this year.
The reports added that the company said that the two plants in the U.S. are expected to have a total annual capacity of 21.5 gigawatt hours. It is sufficient to power more than 300,000 electric vehicles.