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.