Shulou(Shulou.com)11/24 Report--

CTOnews.com, January 3, BlueOval SK, a joint venture between South Korean battery manufacturer SK on and global carmaker Ford Motor Company, is used to make batteries for electric vehicles. It plans to apply for a loan from the US government under the Advanced Technology Automobile Manufacturing (ATVM) program to speed up the construction of battery plants in the United States.

South Korea's "Daily Business News" quoted sources as saying that BlueOval SK will apply to the U.S. Department of Energy for ATVM funds for large-scale investment projects. Market watchers estimate that BlueOval SK could raise as much as 3 trillion to 5 trillion won (about 27.2 billion yuan). The industry expects the results of BlueOval SK's loan application to be announced in the second quarter of this year at the latest.

In September 2021, SK On and Ford announced that they would jointly set up BlueOval SK with 5.1 trillion won each, and planned to build one battery plant in Tennessee and two battery plants in Kentucky by 2025. According to the plan, BlueOval SK's Tennessee plant will also include Ford's electric vehicle production line.

CTOnews.com learned that SK on received 2 trillion won from its parent company SK innovation last month and attracted 800 billion won of investment from Korea Investment Private Equity.

SK on initially planned to raise Won4,000bn through pre-IPO financing early last year. However, due to the long-standing conflict between Russia and Ukraine, inflation and high borrowing costs, market uncertainty has increased and investor sentiment has been suppressed. At the groundbreaking ceremony at BlueOval SK Battery Park in Glendale, Kentucky last month, SK said it aims to become the world's third-largest battery supplier by 2025.

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