SK On and NH Nonghyup Bank are collaborating on financial support to strengthen competitiveness in the battery business.
On the 1st, SK On and NH Nonghyup Bank signed a Memorandum of Understanding (MOU) for financial cooperation aimed at fostering the secondary battery industry at NH Nonghyup Bank’s headquarters in Jung-gu, Seoul.
Key figures from both companies attended, including Lee Seok-yong, President of NH Nonghyup Bank, Ji Dong-seop, CEO of SK On, Kim Kyung-hoon, CFO of SK On, and Kim Young-kwang, who is responsible for financial management at SK On.
According to the agreement, NH Nonghyup Bank will provide up to 1 trillion KRW in financial support for three years through corporate loans and guarantees. SK On plans to utilize these funds for advancing its battery projects and improving profitability across various regions, including the U.S. and Europe.
There is high expectation that SK On’s battery business will grow even stronger through this financial collaboration with NH Nonghyup Bank.
The two companies agreed to establish a close and organic cooperation system to strengthen their partnership in the long term.
Lee Seok-yong, President of NH Nonghyup Bank, stated, “This agreement with SK On was made to enhance the competitiveness of secondary batteries, which are key eco-friendly materials for the future. NH Nonghyup Bank will take the lead in providing swift financial support centered around national future strategy projects.”
Ji Dong-seop, CEO of SK On, expressed, “The collaboration with NH Nonghyup Bank will serve as a catalyst to further strengthen SK On’s competitiveness in the battery business, and we will solidify our position as a leader in the global battery market through domestic and international facility investments and supply chain stabilization.”
Lee Sang-jin daedusj@autodiary.kr