The electric vehicle (EV) battery business of South Korea's SK Innovation Co Ltd , SK On, has begun a new funding round, targeting 2 trillion to 3 trillion won ($1.6 billion to $2.4 billion), said two people with knowledge of the matter.
The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea, Feb. 3, 2017. REUTERS/Kim Hong-Ji, SK On, has begun a new funding round, targeting 2 trillion to 3 trillion won , said two people with knowledge of the matter.
The fundraising will mainly target international investors, said the people. One said there will also be domestic participation, and that the company aims to finalise the fundraising as early as the end of March. SK On in December raised 2 trillion won from SK Innovation and 800 billion won from financial investors including Korea Investment Private Equity.
The business was valued at 22 trillion won in that funding round, said one of the people, who declined to be identified as the information is confidential. A spokeswoman declined to comment on valuation but said SK On expects an additional 500 billion won from private equity funds this year as part of last year's fundraising. She said the amount and schedule for the latest fundraising have not been set. SK Innovation was not immediately available for comment.
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