Auto suppliers Continental AG and SK Innovation Co. Ltd. have formed a joint venture to develop complete lithium-ion battery systems for the global auto market — a market they expect to grow because of increasing environmental regulations.
Seoul, South Korea-based SK will hold a 51 percent stake in the new company, which will be managed from Berlin and have research and development operations in Daejon, South Korea, the companies said in a July 23 news release. The companies did not release the final name of the joint venture.
Production, marketing and sales will be located throughout target markets globally and begin with an estimated 200 employees.
Continental, based in Hanover, Germany, already develops and makes battery electronics and battery systems. SK produces battery cells, including separator films. Lithium-ion cells typically are built around a core thermoplastic film. The companies had discussed plans for a venture and now have a signed agreement in hand that calls for business to start by the end of this year.
