SK On Company, a subsidiary of South Korean alternative energy and exploration firm SK Innovation, said it had secured KRW1.3bn (US$1bn) in long term investment through the issue of new shares, according to local reports.

The electric vehicle (EV) battery manufacturer, part of the local energy and chemicals conglomerate SK Group, had been expanding aggressively in the last two years as it looks to play a prominent role in the fast growing global EV market. The company was positioning itself as the main global EV battery supplier to Hyundai Motor and had also established production joint ventures in the US with Ford and other production deals in Europe and Indonesia.

SK Innovation this week agreed to the issue of new shares to a number of local financial institutions, including Seoul-based Korea Investment Private Equity. The company also indicated it would continue to seek new long term investors to help fund its expansion.

SK Innovation chief financial officer Kim Yang-seob said: “We are smoothly procuring the needed funds through methods like funding from financial institutions at home and abroad and attracting long term financial investors.”