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SK Inno and LG, Agreeing on 2 Trillion won in the US ITC Battery Dispute

NSP NEWS AGENCY, By soon ki Lee Journali, 2021-04-12 09:36 END7
#SK Inno #LG #2 Trillion won #ITC #Battery

(Seoul=NSP News Agency) soon ki Lee Journalist = SK Innovation(SK Inno) and LG Energy Solution(LG) agreed to end all battery disputes ongoing at the US ITC on the 11th(Korean time).

Accordingly, all litigation proceedings from April 2019 have been completed.

Through this agreement, it was decided that SK Inno would pay LG a total of KRW 2 trillion (KRW 1 trillion in cash + KRW 1 trillion in royalties) in accordance with the agreed method, and that they would withdraw all domestic and foreign disputes involved, and would not file additional disputes over the next 10 years.

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In particular, this agreement eliminated uncertainty over the operation and expansion of the US battery business, allowing SK Inno to operate its 1st plant in Georgia and build its 2nd plant, and actively invest at home and abroad to develop the global electric vehicle industry and create ecosystem.

“We have decided to make a sound competition and friendly cooperation for the development of the electric vehicle battery industry in Korea and the United States,” said Kim Joon, CEO of SK Inno and Kim Jong-hyun, CEO of LG, “In particular, we would work together to strengthen the battery supply chain and promote eco-friendly policies that the U.S. Biden government is pushing for.”

NSP News Agency soon ki Lee Journalist s8789@nspna.com
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