SK Innovation will supply lithium Ion battery cells to the planned JV while Continental will provide battery management electronics and its overall automotive systems competence. The newly formed entity will bring together its experience in developing battery systems for Hybrid Electric Vehicle (HEV), Plug-in Hybrid (PHEV) and Electric Vehicle (EV) programs at leading automobile manufacturers worldwide, the companies said.
In the planned entity, SK Innovation will hold the majority of the shares with 59 percent; the remaining 49 percent will be held by Continental. The operations of the company will be based in Korea and Germany; the management team will be comprised of executives from both companies. The final JV agreement is expected for mid-2012.