SK On, a South Korean battery manufacturer, is looking to raise up to 2 trillion Korean won (15 billion US dollars) in funding to expand its overseas facilities.

South Korean battery manufacturer SK On seeks to raise $1.5 billion February 20, according to the South Korean Economic Daily, South Korean battery manufacturer SK On is seeking to raise as much as 2 trillion Korean won ($1.5 billion), with the funds mainly earmarked for the construction and expansion of overseas facilities. The company recently issued a tender to several global investment banks. SK On was spun off from SK Innovation in October last year. Its clients include Ford, Hyundai, and Volkswagen, and it has production bases in the United States, South Korea, China, Hungary, and Turkey.

The application for export of spherical graphite and graphite negative electrode materials to the major battery companies in South Korea has been approved by China. It is reported that in late December last year, China approved the export of spherical graphite materials required for lithium battery negative electrode material production to the battery material production subsidiary POSCO Future M of the South Korean steel giant POSCO Group. This company is the only leading company in South Korea that is involved in both positive and negative electrode materials for secondary battery materials. In addition, China has also approved the export of finished graphite negative electrode materials to the three major power battery companies in South Korea - LG Energy Solution, SK Innovation, and Samsung SDI.