Logo of Phnom Penh Post newspaper Phnom Penh Post - SK Innovation brushes off LG Chem, pushes for battery biz

SK Innovation brushes off LG Chem, pushes for battery biz

Content image - Phnom Penh Post
SK Innovation’s electric vehicle battery plant in South Chungcheong province’s Seosan city in South Korea. SK INNOVATION CO LTD

SK Innovation brushes off LG Chem, pushes for battery biz

SK Innovation Co Ltd, South Korea’s top oil refiner and third player in the electric battery market, announced on Monday the company will expand its electric vehicle (EV) battery production capacity 20-fold by 2025, shrugging off concerns about a legal issue raised by competitor LG Chem Ltd.

During a press conference on the firm’s growth plan, SK Innovation CEO Kim Jun said the company was planning to ramp up its annual battery output from the current 5GWh to 100GWh by 2025 with an aim to maintain its order backlogs at 700GWh at the least.

“The battery industry is in the initial stage of growing, and our goal is to become the number three player in the global market by 2025, which I believe is possible,” Kim said.

Regarding the latest dispute with LG Chem about alleged technology leaks via the hiring of former LG Chem employees, Kim said: “It’s a pity”.

“I can only say that we will deal with it well, and hope it doesn’t waver our employees as well as our customers,” he said. “There is no such concern yet.”

Although he didn’t specify, the CEO said it was a shame considering “other players from China and Europe jumping into the battery industry”.

On April 29, LG Chem sued SK Innovation with a US court in Delaware and requested the US International Trade Commission to investigate into SK’s misappropriation of LG’s trade secrets.

In the suit, LG alleges SK is planning to use high-density manufacturing equipment involving some trade secrets of the company at SK’s new battery plant in the US state of Georgia, which broke ground in March and is still under construction.

On the other hand, SK claims its EV battery manufacturing technology is totally different from that of LG Chem. The company cites its cathode material proportion of 8-to-1-to-1, pointing to LG’s main 7-1-2, or 6-2-2. The ratio refers to the proportions of nickel, cobalt and manganese used for the cathode in a battery.

According to Rhee Jang-weon, head of battery research and development at SK Innovation, the company will start solely supplying 8-1-1 batteries from third quarter of this year without mixing the product with other products like 5-2-3 or 6-2-2.

CEO Kim also said the firm would complete development of the NCM ratio of 9-1/2-1/2 (or “Nine half half”) by the end of this year, and start commercialisation in 2022. THE KOREA HERALD/ASIA NEWS NETWORK

MOST VIEWED

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports