Korean companies reach deal on Georgia battery plant
Andy Peters, Tia Mitchell, Greg Bluestein - AJC | April 11, 2021The South Korean company behind one of the biggest economic development projects in state history has the green light to keep going.
SK Innovation, which is building a $2.6 billion factory near Commerce to make electric vehicle batteries, reached a settlement on Saturday with a rival that had accused it of stealing trade secrets.
The company agreed to pay $1.8 billion in cash and royalties to the rival, LG Energy Solution, to settle the dispute and agreed to “work to help the development of EV battery industry in South Korea and the U.S. through healthy competition and friendly cooperation,†according to a joint statement from the companies early Sunday.
“In particular, we will work together to strengthen the battery network and environmentally-friendly policy that the Biden administration is pursuing.â€
https://www.ajc.com/news/georgia-news/korean-companies-reach-deal-on-georgia-battery-plant/FF3NA734SZHLLEKZ5HDQSDWQ64/
SK came to Georgia in March 2019. Their expansion has been in the works since June of last year. Expect the Biden coup to take full credit for it.