To Foster Materials Business
SKC will borrow 1.5 trillion won from Korea Development Bank (KDB) to expand its secondary battery and eco-friendly materials business.
SKC and KDB signed an industrial-financial cooperation program agreement to foster secondary battery and eco-friendly materials industries at SK Nexilis plant in Jeongeup, North Jeolla Province.
KDB will extend mid- to long-term loans worth 1.5 trillion won over the next five years. SKC will use the funds to invest R&D and production of secondary battery and eco-friendly materials.
Since 2019, KDB has been operating an industrial and financial cooperation program to support the reorganization of high-tech industries and strengthen industrial competitiveness. The state-run bank has thus far signed a total of five agreements with domestic companies, including the one with SK Hynix.
SKC plans to pick up speed in making global investment in secondary batteries and eco-friendly material businesses based on large-scale growth investment funds secured through this financial cooperation agreement. Following a recently decided investment in a production facility with an annual production capacity of 50,000 tons of copper foil for secondary batteries in Poland, the company plans to invest in order to secure an annual production capacity a total of 250,000 tons of copper foil, including an additional 100,000 tons by 2025.
SKC already secured about 85 percent of the total required funds for investment in a Malaysian copper foil production facility for which ground was broken in July 2021. On top of that, the company is pressing forward with businesses for silicon anode materials for secondary batteries, high-performance, low-power semiconductor glass substrate, and eco-friendly biodegradable materials in earnest by specifying cooperation methods with partner companies.