SK Innovation inks battery deal with Continental AG

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SK Innovation inks battery deal with Continental AG

Korea’s leading refiner SK Innovation said yesterday that it has set up a joint venture with German autoparts maker Continental AG to produce electric batteries for cars.

The joint venture, SK Continental E-motion, will develop and produce electric battery pack systems with battery cells from SK Innovation and battery management systems from Continental, according to SK Innovation.

SK Innovation will hold a 51 percent stake in SK Continental E-motion, with the German firm owning the rest, according to the Korean refiner.

It said the two companies will invest a combined 270 million euros ($360.8 million) into the joint venture over the next five years.

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