SK IE Technology (SKIET) signed an MOU with Sunwoda, the 9^th largest battery manufacturer in terms of global market share (according to SNE Research in 2022), to strengthen cooperation in supplying battery separators. The MOU signing ceremony took place at Sunwoda Group’s headquarters in Shenzhen, China.

SKIET plans to supply separators produced at its Changzhou factory in China to Sunwoda. This marks SKIET’s first large-scale supply of EV battery separators to a Chinese EV battery manufacturer. Up to now, SKIET has been supplying separators for IT and electronic products to the Sunwoda Group. Sunwoda’s major customers for its batteries include Geely Auto Group, Dongfeng Cummins Engine Co., Ltd., Shanghai Automotive Industry Corporation Motor, Volvo Cars, and Volkswagen.

According to the MOU, both companies agreed to communicate actively about expanding the supply of separators with technological capabilities, quality, and price competitiveness in the future. In addition, they plan to build a mid-to-long term strategic cooperative relationship in the Chinese electric vehicle market. Furthermore, the two companies expect to continue their collaborative relationship in other countries as well.

Sunwoda, founded in 1997, began its EV battery business in 2008. According to 2022 research, it is the 9^th largest EV battery producer in the global market and 5^th in China in terms of market share. Last year, it went public on the SIX Swiss Exchange, and the company is actively preparing to enter the European market, with plans including building a battery facility in Hungary. Currently, it has an annual battery production capacity of 40 GWh and plans to scale up to 138 GWh by 2025.

SKIET has factories in South Korea, China, and Poland. SKIET is considering entering the North American market and is expected to benefit as details of the US Inflation Reduction Act (IRA) have become refined recently. Moreover, along with the favorable situation, the company has anticipation for calls from other potential customers in the US and Europe.