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DOHA, 21 June 2023:  SK On, the electric vehicle battery manufacturer and subsidiary of SK Innovation, has secured long-term financial investment (pre-IPO equity investment) from a consortium led by MBK Partners.

MBK Partners is joined by Qatar Investment Authority (QIA), Hillhouse Investment and funds and accounts managed by BlackRock to invest USD 1.2 billion in the electric vehicle battery business.

SK On currently operates EV battery production plants in South Korea, the United States, China, and Hungary. The company plans to increase its annual production capacity from 88 GWh in 2022 to at least 220 GWh by 2025. To achieve this, SK On is expanding its own plants and pursuing joint ventures with car manufacturers, such as Ford and Hyundai Motor Group, to jointly establish new battery production plants.

The investment is in line with QIA's strategy to invest in the sectors shaping the future global economy, such as tech-enabled industries, innovative start-ups, and companies helping to drive forward the global energy transition.