SK Innovation Battery Subsidiary SK On Raises 1.3 Trillion Won

Resolution and Disclosure of SK Inno's Board Meeting on the 30th Regarding 'SK On Investment Attraction Shareholders' Agreement'

[Asia Economy Reporter Donghoon Jung] SK Innovation announced on the 30th that its board of directors resolved to approve the 'Shareholders' Agreement (SHA) for SK On's investment attraction.'

This agreement was signed among financial investors including SK Innovation, SK On, and Korea Investment PE (Private Equity), and SK On will secure more than 1.3 trillion KRW in investment funds through the issuance of new shares.

Additionally, SK Innovation stated in the disclosure that "additional investors can be attracted under the same conditions as this agreement," indicating that SK On's long-term financial investor attraction will continue steadily in the future.

With this investment attraction, SK On will gain more momentum for business expansion. SK On is focusing on securing global production bases in the United States, Hungary, and other locations, and on the 29th, it signed a memorandum of understanding for electric vehicle battery supply cooperation with Hyundai Motor Company in North America, moving swiftly to secure a leading position in the future electric vehicle market.

Kim Yangseop, Head of Finance at SK Innovation, stated, "The securing of investment funds for SK On is progressing smoothly," adding, "We are smoothly raising the necessary funds through various methods such as domestic and international policy financial institution funds and attracting long-term financial investors, and will continue to grow."