This file photo taken on March 5, 2021, shows SK Group's headquarters in central Seoul. (Yonhap)
SK Holdings Co., the holding firm of the South Korean energy-to-telecom conglomerate, said Thursday it will team up with China's Zhejiang Geely Holding Group Co. to launch a $300 million fund that will invest in future mobility technology firms.
SK Holdings and Geely will each chip in $30 million for the proposed fund, and draw the rest of the finances from global investors, including European banks and Asian pension funds.
SK said the mobility fund will invest in companies with automated, connected and electric vehicle technologies, the future of mobility.
The Asian companies will also collaborate in hydrogen, battery supply chain, semiconductor and self-driving technologies to explore new business opportunities in the future mobility technologies, the Korean firm said.
Their partnership is expected to create synergy by combining SK's batteries, mobility service and telecommunication with Geely's vehicle production and global network.
SK Group has a portfolio ranging from semiconductors and batteries to energy and telecommunications. Geely is China's largest automotive group with Swedish carmaker Volvo, British premium brand Lotus Cars and EV unit Polestar under its wing.
The announcement came days after Geely, China's top privately owned carmaker, announced plans to invest almost $5 billion to build a new battery plant to bolster it EV push in the world's largest market. (Yonhap)