SEOUL (dpa-AFX) - SK Innovation agreed to pay LG Energy Solution 2 trillion won or $1.8 billion to settle all legal disputes relating to electric-vehicle batteries in the United States and South Korea.
The companies agreed to withdraw all pending legal disputes in United States and South Korea, and agreed to a ten-year non-assertion.
As a result, all litigation between the companies, which began in April 2019, is resolved.
'We are dedicated to work together to support the Biden Administration's climate agenda and to develop a robust U.S. supply chain,'Jong Hyun Kim, CEO and President of LG Energy Solution and Jun Kim, CEO and President of SK Innovation said in a statement.
Jong Hyun Kim stated that LG Energy Solution will further accelerate its investment efforts including investing over $4.5 billion in its own U.S. business by 2025. It is close to finalizing its second joint venture plant with GM.
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