Korea’s LG Energy, SK Innovation settle EV battery dispute for $1.8b, aiding Biden’s push
Photo: Michael Fousert / Unsplash
South Korean battery makers LG Energy Solution and SK Innovation Co agreed on Sunday to settle disputes over electric-vehicle (EV) battery technology, avoiding a potential setback for US EV ambitions.
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Farasis plans to allocate the proceeds to spruce up battery capacity and meet working capital needs.
The joint venture would have annual production capacity of 10 GWh by the end of 2021.
