South Korea’s SK Group to Invest US$26 Billion in the US for EV’s, Batteries and Hydrogen

By November 3, 2021 3   min read  (376 words)

November 3, 2021 |

Fuel Cells Works, South Korea's SK Group to Invest US$26 Billion in the US for EV's, Batteries and Hydrogen

Korea Herald: SK Group Chairman Chey Tae-won has vowed to spend about $26 billion on electric vehicle (EV) batteries, hydrogen and other eco-friendly businesses in the United States in a move to join US efforts to reduce greenhouse gas emissions.

The figure is part of $52 billion set aside by South Korea’s No. 3 conglomerate to invest in the US by 2030.

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SK Group Chairman Chey Tae-won (L) speaks with Senate Republican Leader Mitch McConnell (R-KY) during his visit to Washington, D.C. last week, in this photo provided by the senator’s office, and released by SK Group on Tuesday. (Senator’s Office)

Chey said SK is aiming to cut carbon emissions of 200 million tons, which account for 1 percent of the global target of reducing carbon dioxide emissions of 21 billion tons by 2030.

Chey explained SK’s eco-friendly business visions in the US during his back-to-back meeting with Senate Republican Leader Mitch McConnell and House Majority whip James Clyburn last weekend.

He said SK’s “green businesses” could contribute to the US efforts to reduce greenhouse gas emissions, which scientists say are to blame for global warming.

Carbon neutrality has gained urgency around the world amid warnings of global warming and its environmental consequences.

Chey made a six-day trip to Washington, D.C. that ran through Monday in the latest outreach activities to US political and business leaders.

Chey held video talks with Ford CEO Jim Farley and reaffirmed efforts to work together for the completion of their joint battery plant construction.

SK On, SK Group’s new battery unit, has been building a battery plant in Kentucky and another one in Tennessee with Ford Motor Co. in a $11.4 billion deal. The plants will have a combined annual production capacity of 129 gigawatt hours, enough to produce 2.15 million EVs per year. SK On is investing $4.45 billion in the project.

Chey met with Senators Marsha Blackburn (R-Tenn.) and Bill Hagerty (R-Tenn.), and asked for their attention and support for the battery plants.

The senators held out expectations that SK’s battery business will contribute to the stability of the US battery supply and establishment of a green battery ecosystem, according to SK. (Yonhap)

Source: Korea Herald/Yonhap

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