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South Korea’s SK Innovation is planning to build a second electric vehicle (EV) battery plant in the US state of Georgia increasing its investment to $2.5bn.

Planned to be built at a site in Commerce, Georgia, the new factory, together with the first EV battery plant, will have a combined annual capacity of 21.5GWh.

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The company initially announced plans to invest $1.67bn at the Georgia site for the construction of the electric vehicle battery plant in Georgia.

However, SK Innovation’s board has decided to increase the investment at the site to help meet expected EVs demand from consumers in the US.

Construction commenced on the first plant at the Georgia site in March 2019. It is scheduled to start mass production in 2022.

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SK Innovation plans to start the construction on the second plant in July 2020 and complete in 2023.

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SK Innovation CEO Jun Kim said: “While the global community faces challenging times, SK Innovation believes it is important to continue making strategic investments to drive economic growth and meaningful change.

“With this investment, SK Innovation’s battery business will significantly contribute to not only the local Georgia economy but the development of the U.S. EV industry value chain and ecosystem.”

SK Innovation said it is considering an investment of $5bn in its battery business in the US. The move is expected to create as many as 6,000 jobs.

Upon completion of the two EV battery plants, the Georgia site will increase SK Innovation’s annual global capacity to 71GWh.

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SK Innovation has increased investment plans for its Georgia EV battery site. (Credit: SK Innovation)