SK Group teams up with China's Geely to create $300 mln new mobility fund

Lim Chang-won Reporter() | Posted : March 18, 2021, 14:03 | Updated : March 18, 2021, 14:03

[Courtesy of Geely Auto]

SEOUL -- Chinese auto company Geely teamed up with the holding company of South Korea's third-largest conglomerate, SK Group, to create a $300 million fund, which is aimed at finding innovative mobility companies and accelerating the popularization of eco-friendly and digital mobility businesses.

In an online ceremony involving top executives on March 18, SK Holdings and Geely agreed to inject $30 million each into the new mobility fund. They would attract global investors including European banks and pension funds in Asia while proactively finding promising companies in CASE, which refers to connected, autonomous, shared and electric.

The two companies agreed to promote diverse cooperation in hydrogen fuel, battery materials, semiconductors and autonomous driving technologies. "If the two companies work together based on their unique strengths, we will be able to achieve greater results and build a solid position in the New Mobility area," SK Holdings CEO Jang Dong-hyun said, adding that SK and Geely have a common vision and strategy in eco-friendly businesses.
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