SK On to invest KRW 1.5 trillion For Expanding its Facility in Seosan City, South Korea

Specifications:

Name:

SK On to invest KRW 1.5 trillion For Expanding its Facility in Seosan City, South Korea

Location:

South Korea

Company:

SK on Co., Ltd

Estimated Cost:

1.5 trillion

Source:

https://skinnonews.com/

Introduction:

SK On plans for investment in its domestic production base in Seosan, South Korea

Features:

On the 16th, SK On announced that it had signed the SK On Investment Agreement (MOU) with Seosan City and the provincial government of Hongseong-gun, South Chungcheong Province, South Korea. The signing ceremony was attended by Governor of South Chungcheong Province Kim Tae-Heum, Seosan City Mayor Lee Wan-seop, CEO of SK On Jee Dong-seob, and other key officials.

In accordance with the agreement, SK On will be expanding its third plant on a site covering approximately 44,125m2 within the Seosan Auto Valley complex, located in Seosan City. The total investment amount is KRW 1.5 trillion, making it the company’s largest domestic investment.

South Chungcheong Province and Seosan City will be responsible for providing administrative and financial support such as authorization and permission.

After completing the expansion of the third plant by 2025, necessary tasks such as equipment replacement and process improvement will be undertaken. This will enable the third plant to achieve a maximum production capacity of up to 14GWh sequentially by 2028.

At that point, SK On’s total domestic annual production capacity will reach about 20GWh, which can power about 280,000 electric vehicles per year.

It is meaningful in that SK On has announced a large-scale investment plan to increase the total production volume by more than 100 times in just 11 years since its first production began at the Seosan plant.

After establishing a 200MWh (0.2GWh) mass production line at Seosa