The battery separator factory of SK IE Technology Co. in Changzhou, China, is seen in this photo provided by its parent company SK Innovation Co. on Tuesday. (SK Innovation Co.)
SK IE Technology Co. (SKIET), a battery material subsidiary under SK Innovation Co., said Tuesday its second battery separator factory in China started operations to step up its production capacity.
SKIET said it opened its first overseas production line in the southeastern Chinese city of Changzhou in November and began rolling out lithium-ion battery separators at its second factory in the complex.
The Changzhou factory's operation increases SKIET's annual production capacity to 510 million square meters, which is enough to supply to 500,000 electric vehicle batteries in China, the world's largest EV market, the firm said.
SKIET said it has already secured supply deals for this year and will further ramp up production capacity in line with the growing demand for EV batteries.
Battery separators are one of the key components of EV batteries, which are important in preventing batteries from exploding in the charging process.
Outside China, SKIET plans to roll out battery separators at its first factory in Poland in the third quarter.
SKIET plans to float its shares on the Seoul bourse next month to raise funds needed to expand its production capacity, with its market value estimated at up to 7.5 trillion won ($6.6 billion). (Yonhap)