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SK Innovation to flex muscle with $4 bn in new cash

SK Innovation s Ulsan refining complex in Korea SK Innovation Co., South Korea s leading electric vehicle battery maker, is on course to raise more than 5 trillion won ($4.5 billion) this year from asset sales, which will likely accelerate its transformation into an eco-friendly company. Following the $2 billion settlement under which it is paying 500 billion won each this year and next on top of royalty payment to LG, SK Innovation cashed in 2.45 trillion won worth of shares in two units SK IE Technology Co. and SK Lubricants Co. Additionally, it expects to receive 1.25 trillion won from the sale of its stakes in two gas fields in Peru to Argentina s oil company Pluspetrol this year.  

Korean SKIET s Polish factory pushes for 100% renewable energy

Korean SKIET’s Polish factory pushes for 100% renewable energy SK IE Technology, an SK Innovation subsidiary producing lithium-ion battery separators (LiBS), announced on April 28 that it will use eco-friendly power at its plant in Poland, which is scheduled to start mass-production in the third quarter of 2021. SKIET signed a contract to receive eco-friendly energy from Tauron, a local power company in Poland. Since the beginning of 2021, SKIET has been using eco-friendly electricity 100 percent at all its business sites in Korea. It claims to be the first Korean company to attain 100 percent renewable energy. The company went a step further by making its plant in Poland switch to renewable energy 100 percent. It is planning to steadily introduce eco-friendly electricity at overseas bases.

SK Group s EV Battery Material Maker Raises $2 Billion In Korea s Hottest IPO In Years

SK Group s EV Battery Material Maker Raises $2 Billion In Korea s Hottest IPO In Years
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SK s EV Battery Material Unit s Seoul IPO Fetches $2 Billion

SK’s EV Battery Material Unit’s Seoul IPO Fetches $2 Billion Bloomberg 2 hrs ago Julia Fioretti © Bloomberg via Getty Images The SK Group logo stands atop of an SK Energy Co. gas station, a unit of SK Innovation Co., in Incheon, South Korea, on Tuesday, Jan. 31, 2017. SK Innovation is scheduled to announce fourth quarter earnings on Feb. 3. (Bloomberg) South Korean energy supplier SK Innovation Co. and SK IE Technology Co. have raised 2.25 trillion won ($2 billion) in the battery material unit’s initial public offering, the country’s biggest in four years. SK IE Technology has priced the offering at 105,000 won per share, the top of a marketed range, according to an exchange statement on Monday. The portion for institutional investors was 1,883 times oversubscribed. At $2 billion, the IPO of the maker of battery separators will be South Korea’s largest since mobile game-maker Netmarble Corp. raised $2.4 billion in 2017, according to data compi

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