01/10/2012
- Two technology leaders sign a Heads of Agreementto focus on Li-Ion automotive battery systems
- New joint venture will strongly support electrified vehicle programs at leading automobile manufacturers worldwide
Detroit, Seoul and Hannover. SK Innovation and Continental
Corporation announce at the Detroit Motor Show today their
intention to team up for powering electric vehicles
worldwide: Both corporations sign a Heads of Agreement that
describes the formation of a joint venture with which both
companies want to develop, manufacture and market Lithium Ion
battery systems for automotive applications. Due to the
worldwide regulatory
efforts in reducing carbon emissions and changing consumer
needs, automobiles will become increasingly dependent on
battery systems over the next 10 years.
"We are pleased to work together in such a key technology for future mobility.With Continental's automotive expertise and SK's battery leadership, we have confidence that the JV will become the market leader in battery systems," stated Dr. Jay Koo, CEO of SKInnovation.
"The JV is ideally positioned to become a technology leader in providing battery solutions to the automotive industry worldwide because both companies are technology leaders in their areas of expertise, and both share a common strategic perspective for future mobility. Together we will be a powerful team that will work together very effectively in a promising partnership," stated Dr. Elmar Degenhart, CEO of Continental.
The JV will focus on developing Li-Ion battery systems for automotive customers. SKInnovationwill supply market leading Lithium Ion battery cells to the JV while Continental will supply Battery Management Electronics and its overall automotive systemscompetence. The newly formed entity will bring together leading experiences in developing battery systems for Hybrid Electric Vehicle (HEV), Plug-in Hybrid (PHEV) and Electric Vehicle (EV) programs at leading automobile manufacturers worldwide.
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