SKC to expand EV battery material biz

SKC Co., a chemical unit of South Korean conglomerate SK Group, said Friday it will expand its manufacturing capacity for major battery materials to capture a bigger share of the growing segment.

SKC said it aims to generate over 80 percent of its earnings from electric vehicle (EV) material businesses, setting a goal of 30 trillion won (US$25.5 billion) in corporate value by 2025.

The market cap of the company listed on the main bourse KOSPI stands at 6.5 trillion won as of Friday.

Currently, its subsidiary SK Nexilis Co. produces copper foil, one of the materials for lithium-ion batteries used for anodes, accounting for 22 percent of the global market in the first quarter, SKC said.

SK Nexilis plans to expand its manufacturing capacity to over 250,000 tons by 2025 to solidify its leading position and to earn over 4 trillion won from its copper foil business.

SKC said it will join hands with industry players to develop the promising lithium-ion materials, including silicon anodes and high-nickel cathodes, to enhance battery performance.

The firm said it also plans to develop advanced materials for semiconductors to generate over 2 trillion won of sales from the segment.