SK Holdings, Geely Automobile to create fund to invest in green mobility projects
Details about the terms including the fund value were not disclosed but the fund is estimated to be worth some hundreds of millions of dollars, according to industry sources on Monday.
Through the fund, SK Holdings is expected to strengthen partnership with Geely in various green mobility projects ranging from hydrogen power to electric vehicles.
“SK Holdings is discussing various ways for cooperation with Geely Automobile,” said a company official, adding that the two have not decided yet which projects the fund will invest in.
The latest move is part of SK Group’s green push that currently focuses on hydrogen business. It recently launched a hydrogen business committee made up of 20 experts from affiliated units like SK E&S and SK Innovation and directly led by the CEO for quick decision making. It also announced a 1.6 trillion won ($1.45 billion) investment in U.S. hydrogen energy firm Plug Power.
SK expects the latest partnership would bring more green mobility opportunities in China. Geely Automobile last month partnered with battery maker Farasis to set up a EV battery joint-venture as part of efforts to ramp up its EV vehicle output.
SK Holdings shares fell 4.23 percent to close at 340,000 won on Tuesday in Seoul trading.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지
- Analysts bet Samsung Elec, LG Elec, Kakao, NCSoft, Posco stocks to go higher - Pulse by Maeil Business News Korea
- Korean research team develops phone-controlled implantable device for optogenetics - Pulse by Maeil Business News Korea
- Samsung Elec ensures business is as usual via chief message, compliance mtg - Pulse by Maeil Business News Korea
- Hyundai Motor Q4 OP up 41 % on year, 2020 OP down 23% - Pulse by Maeil Business News Korea
- Covid-19 shuts down one of the oldest restaurants in Seoul - Pulse by Maeil Business News Korea
- 비·김태희 부부 스토킹한 40대女 검찰 송치
- "2008년이 차라리 낫다"…30년간 본적 없는 위기 징후들
- 이정후 `타격 5관왕` 성큼...이제 남은건 MVP뿐
- 류현진♥배지현 둘째 출산 "산모, 아이 모두 건강"
- 박민영 열애설 남친 논란에…빗썸 “회장 직함 없다”