South Korea’s SK Materials Company and US-based Group 14 Technologies are to join forces to build a new lithium-ion battery materials factory in South Korea.

SK Materials, which mainly makes materials for electronic parts and displays, said it had agreed to take a 75% stake in the new KRW850bn (US$726bn) joint venture, with the US company taking a quarter.

Group 14 is a global provider of lithium-silicon battery materials which help improve energy density.

A new factory will be built in Sangju in the south east of the country to make silicon anodes for electric vehicle batteries.

Construction is scheduled to begin in October, with completion scheduled for next year.

SK, the investment and holding company of SK Group, last month said it planned to take over SK Materials as part of a corporate restructuring at the group which has stepped up its investments in the global EV battery business.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

The merger is subject to shareholder approval next month and is expected to be finalised in December.

Just Auto Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Auto Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving automotive industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now