MOSCOW (MRC) -- SK Innovation has decided to invest another USD940 million to build a new electric vehicle (EV) battery manufacturing plant in Commerce, Georgia, United States, according to Chemweek.
This new project is in addition to the company’s USD1.67 billion investment to develop two manufacturing facilities in Georgia.
The company says that with an annual capacity of gigawatt-hours (GWh), its first EV battery manufacturing plant in Georgia is under construction and expected to start operating in 2021. The firm will break ground on its second plant in Georgia, which is set to produce 11.7GWh a year, in July this year. When the second plant in Georgia goes into mass production in 2023, SK Innovation will reach an annual global capacity of 71GWh, consolidating its position as one of the largest EV battery producers in the world.
SK Innovation is expanding its battery production base not only in the US, but also in South Korea, Hungary, and China. Mercedes-Benz, Hyundai-Kia Motors, and Ford Motor Company are among SK Innovation’s battery business customers. The company’s goal is to be among the top-three global players in the EV battery market, aiming to produce 100 GWh by 2025.
As MRC reported earlier, SK Global Chemical, a subsidiary of SK Innovation, plans to shut down its production processes for ethylene and ethylene propylene diene monomer (EPDM) within its naphtha cracking center in Ulsan, South Korea. The 200,000-t/y naphtha cracker, which started commercial operation in 1972, and the EPDM unit, which began commercial operation in 1992, will be mothballed from December 2020 to shift the company's focus to high-value added chemicals.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.