SK Holdings and Zhejiang Geely Holding Group creates new mobility investment fund

On Thursday, South Korea’s SK Holdings Co Ltd said, along with China’s Zhejiang Geely Holding Group Co Ltd it will invest $30 million each into a new mobility investment fund, whose size will reach $300 million in total.

The new mobility fund will invest in promising companies in fields including electrification, autonomous driving, and connectivity; the fund aims to attract global investors, including Asian pension funds and European banks, said the SK Group, South Korea’s third-largest conglomerate in a statement.

SK has agreed with Geely, parent of Geely Automobile Holdings Ltd, to promote diverse cooperation in next-generation mobility businesses involving hydrogen fuel, battery-related materials, chips and autonomous driving technology.

Geely did not immediately respond to a request for comment.

SK affiliates include the world’s second-largest memory chip maker SK Hynix Inc and electric vehicle battery manufacturer SK Innovation Co Ltd.

The development comes in the wake of a flurry of tie-ups by Geely with the company trying to turn itself into a EV contract manufacturer and engineering service provider.



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