SK Innovation increases its spending through Blue Oval SK

SK Innovation said on Tuesday that it will spend 5.1 trillion won through its joint venture with Ford to expand battery production in the US.

Blue Oval SK is expected to produce double the amount of batteries than initially expected, the South Korean energy company said.

Spending will be done sequentially with the exact timeline announced at a later date.

SK Innovation and Ford were originally expected to each spend 3 trillion won for Blue Oval SK to secure a battery production capacity of 60GWh.

SK Innovation’s latest announcement increases the amount by 2.1 trillion won.

Meanwhile, SK Innovation is planning to split off its battery business, likely to be called SK Battery, on October 1.