SK Innovation will invest 550 billion won in SK hynix's "AI company" (tentatively named AI Co.). The AI company is an entity SK hynix is setting up to respond to the artificial intelligence (AI) industry environment.
According to SK Innovation's audit report on the 10th, SK Innovation, following a board resolution on the 27th of last month, signed a capital commitment agreement to contribute $380 million (about 558.5 billion won) to SK hynix's U.S. unit. The contract will proceed for four years from the 1st of this month in a capital call method (adding funds whenever there is a funding need within the limit).
SK Innovation said it made this investment to respond to the electrification trend driven by the spread of AI. SK hynix is reorganizing its U.S. subsidiary Solidigm to establish AI Co. Through the establishment of AI Co., it is considering investing in and collaborating with U.S. AI innovation corporations.
An SK Innovation official said, "We are considering equity participation to explore various investment and business opportunities, including the AI power infrastructure industry in the United States," adding, "Equity participation is expected to create synergies with SK hynix."