SK Innovation said on Sunday that it will receive financial support from the European Union for the 90 million euros it will cost to build its second battery in Hungary.
The South Korean company’s second factory at Komarom is expected to be completed within the year. It will start commercial operation in 2022.
The European Commission has been reviewing SK Innovation’s request for financial support since September.
The Hungarian government stressed to the Commission that SK Innovation had multiple customers for its batteries including Volkswagen, Daimler, Hyundai, Kia, BAIC and others, SK Innovation said.
The South Korean company finished the construction of its first factory in Hungary late last year.
It is planning a third factory at Ivancsa in the same country. The third factories combined will have a capacity of 20GWh.
Previously, SK Innovation had said it had 1TWh of remaining orders for its batteries.