South Korea-based SK IE Technology Co., (SK IET) plans to invest 1.1 trillion South Korean won ($997.0 million) in building two additional EV-focused battery separator plants.
The investment will result in the realization of SK IE Technology’s No. 3 and 4 plants. The additional capacity to be added is 430 million sq m each. The company’s No. 1 and 2 plants are under construction and have a cumulative capacity of 680 million sq m. Overall, when all the units become operational, the plant will have a capacity of 1.54 sq m and the combined capacity of the company will increase to 2.73 billion sq m in 2024.
The company anticipates a supply shortage condition in global separator markets from 2023 and accordingly, is gearing up its capacity to cater to the global demand. (Separators play a vital role in Li-Ion batteries in Electric Vehicles and account for 15% to 20% of the total cost of the battery).