SK On’s NCM9 — nickel, cobalt and manganese — battery for electric vehicles [SK ON] SK On, a local battery maker, will raise an additional $400 million from a group of Singaporean financial investors, upping its total funding to nearly 5 trillion won ($3.8 billion) ahead of its initial public offering (IPO) scheduled for 2026. SK Innovation held a board meeting on Thursday and approved the plan. The funds will be used to help SK On, which split off from SK Innovation in October 2021, accelerate its push to expand its global electric vehicle (EV) battery market share amid the rapid electrification trend. ENGZ Holdings Limited, JPT Holdings Limited, and Wert Holdings Limited will invest a combined $400 million in SK On as members of a consortium led by MBK Partners, according to SK Innovation's regulatory filing Thursday. The MBK Partners-led consortium, which includes global financial investors from China and the Middle East, previously agreed to offer up to $800 million, which was approved by SK Innovation on May 24. SNB Capital, an asset management arm of Saudi National Bank, will provide up to $144 million. SK On has raised a total of 4.97 trillion won ($3.82 billion) so far,… Read full this story
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