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Deepti Sri · · 1 min readReport: SK Group’s VC arm, Geely to form new $300m mobility investment fund
“South Korea’s SK Holdings said on Thursday it and China’s Zhejiang Geely will each invest $30 million in a new mobility investment fund whose size they plan will reach US$300 million in total,” reported Reuters.
Details:
- The fund is looking to draw investors such as European banks and pension funds in Asia. It will invest in areas such as connectivity, electrification, and autonomous driving.
- Geely, which owns Volvo cars, will also work with SK Holdings for mobility businesses involving chips, hydrogen fuel, and battery-related materials, among others.
Context:
- Businesses under SK Holdings include SK Hynix, the world’s second-biggest producer of memory chips, and SK Innovation, which manufactures batteries for electric vehicles (EVs).
- Internet titan Baidu is set to team up with Geely to make EVs for the Chinese market at the Hangzhou-based carmaker’s production plants.
Editing by Collin Furtado and Eileen C. Ang
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