Asian Tech Press (Mar. 23) -- SK's battery-producing unit SK On received EU approval for a $231 million Hungarian aid to its local EV battery plant.

The European Commission said Tuesday in a statement that it has approved 290 million euros ($231 million) of Hungarian aid for construction of SK On Hungary's electric vehicle battery plant.

The plant, located in central Hungary's Iváncsa, will have an annual capacity of 30 GWh and is expected to create at least 1,900 direct jobs.

SK On Hungary, SK's European base for electric vehicle (EV) battery, its total investment in the project, which began in early 2021, will amount to €1.623 billion ($1790 billion).

(1 euro = US$1.1029)