SK Innovation and Solid Power will together develop solid-state batteries: Report 

South Korean battery manufacturer SK Innovation will jointly develop and produce solid-state batteries for electric vehicles with Solid Power, a solid-state battery company in the United States.

Solid Power stated that it has signed a memorandum of understanding with SK Innovation to jointly develop solid-state batteries. As part of the agreement, SK Innovation will invest 30 million U.S. dollars to acquire some shares of Solid Power.

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SK Innovation stated that Solid Power has the best all-solid-state battery technology in the world, so the investment in Solid Power will give it a firm foothold in the all-solid-state battery market.

The goal of this cooperation is to verify Solid Power’s all-solid-state battery and electrolyte production process and work together to further develop the technology.

The predecessor of SK Innovation is Korea’s first oil refining and chemical company-Korea Petroleum. It is a battery production subsidiary of SK Group, the third-largest conglomerate in Korea. The company’s businesses include petroleum development, refining, and chemical engineering. , Lubricants and the future energy industry.

In May of this year, industry sources said that SK Innovation and Ford Motor will establish a battery joint venture in the United States to ensure a stable supply of electric vehicle batteries. Today, the two companies have reached a memorandum of understanding on the joint venture.

Besides, SK Innovation plans to build a 60GWh battery plant in the United States through its joint venture “Blue Oval SK” with Ford.