South Korean industrial holding firm SK Holdings announced it was joining forces with China's Zhejiang Geely Holding Group to launch a US$300m fund that invests in future mobility technology firms.
SK Holdings, which controls companies mostly focused on energy, semiconductors and telecommunications, said the two partners would each contribute US$30m to the fund, with the remainder to be financed by global investors including European banks and Asian pension funds.
The 'mobility fund' would invest in companies involved in future mobility solutions, such as automated driving, connected and electric vehicle technologies. Key areas of focus would be companies involved in hydrogen power, battery supply chain, semiconductors and self-driving technologies.
SK holdings said the fund would also be looking at companies that can develop synergies with its EV battery subsidiary SK Innovation, as well as with Geely's global vehicle production and market network which encompasses Sweden-based Volvo Cars, the UK's Lotus Cars, EV manufacturer Polestar and a large stake in Malaysia's Proton Holdings.