October 23, 2008 / 9:31 AM / 10 years ago

SK Energy invests $113 mln to expand battery units

SEOUL, Oct 23 (Reuters) - South Korea’s SK Energy (096770.KS) said on Thursday it will invest 159 billion won ($112.6 million) to expand its lithium-ion battery production.

The investment to expand the No.4 and No.5 lithium-ion battery separators will last from October 2008 to April 2010, it said in a filing with the Korea Exchange.

SK Energy, the country’s No.1 refiner, is in talks with major automakers such as Daimler (DAIGn.DE) and Ford (F.N) on the joint development of next-generation batteries used in hybrid cars. [ID:nSEO331111]

The batteries are lighter, smaller, longer-lasting and capable of holding more power than the nickel-metal batteries that power current gasoline-electric hybrids. (Reporting by Angela Moon; Editing by Keiron Henderson)

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