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SK Innovation, part of the identical Chaebol as chipmaker SK hynix, has liquidated its Chinese language battery subsidiary, Blue Dragon Energy.
The switch changed into detailed in an audit sage filed with the South Korea Monetary Supervisory Service on March 12 revealing that the entity changed into liquidated final yr.
Native media cited the motive at the reduction of the liquidation as SK Team’s favor to streamline operations, as its varied industry objects had overlapping targets.
“Blue Dragon Energy changed into an funding entity for the battery industry in Greater China. After the split-off of SK On from SK Innovation in 2021, Blue Dragon Energy now no longer has a motive to sail under SK Innovation, as SK On is vigorous in China,” outlined an SK Innovation spokesperson, per reports.
SK On is SK Team’s battery industry. It neutral no longer too long within the past introduced in dilapidated SK hynix CEO Lee Seok-hee to handbook the division to be succesful to stabilize SK Innovation at a time when it has been losing cash. Lee has supplied to forgo as much as twenty percent of his earnings except he turns the industry a hit, to checklist how devoted he is at a time when the EV battery market is tight in South Korea.
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Earlier than Blue Dragon changed into nixed, it had deliberate to put a battery cell factory, promote partnerships that might perchance presumably stable uncooked battery offers, and strike joint ventures.
SK Innovation had invested ₩86.4 billion ($65.6 million) in 2018 to construct up Blue Dragon Energy going, and itself into the Chinese language battery market.
Since then, SK Innovation has entered into other battery endeavors in China – alongside side a battery swap industry when it became a strategic investor in Blue Park Elegant Energy (BPSE). It has also invested in building rather a huge range of battery factories across the Center Kingdom. ®
