SK nexilis, an investor in SKC's secondary battery copper foil business, has successfully secured an investment of 150 billion won from Toyota Tsusho in Japan.
On the 18th, SKC announced that it held a signing ceremony for an investment contract to secure an investment of approximately $110 million (about 150 billion won) by transferring a portion of the equity of SK nexilis' Malaysian subsidiary to Toyota Tsusho at its headquarters in Jongno, Seoul. Toyota Tsusho, a Japanese general trading company, is promoting the procurement of materials and parts for various products, including automobiles, and has a global logistics network.
Through this investment, both companies are expected to solidify their strategic partnership. SK nexilis is cooperating with Toyota Tsusho to secure a stable operational foundation for its Malaysian plant and to acquire additional customers.
In particular, Toyota Tsusho is known to be building a large-scale battery plant in the U.S. in collaboration with Toyota Motor Corporation, and it is expected to have extensive cooperation with SK nexilis in the future. Additionally, synergy creation is anticipated through joint marketing based on Toyota Tsusho's business network. Toyota Tsusho has also developed a robust supply plan for copper foil, a key material for batteries.
The two companies agreed to cooperate on the supply of key materials and supplies. SK nexilis is expected to secure a smooth supply of copper foil materials and supplies based on the capabilities of Toyota Tsusho in the procurement of major raw materials for secondary batteries. In addition, SK nexilis plans to focus on the development of next-generation batteries in collaboration with Toyota Tsusho based on its capabilities in next-generation module development.
An official from SK nexilis said, "The strategic collaboration between SK nexilis, which has the world's best copper foil manufacturing technology, and Toyota Tsusho, which has a competitive edge in materials and supplies distribution, will be a driving force for both companies to enhance their competitiveness in the global electric vehicle market," adding that, "As the importance of economic cooperation between Korea and Japan increases, we hope this investment agreement serves as a starting point for a sustainable partnership based on trust."