Asia and Europe are coming together to help power the world's electric vehicles.
Korea's SK Innovation and Germany's Continental Corporation have signed heads of agreement to collaborate on the production, manufacture and marketing of Lithium Ion battery systems for the automotive market.
The joint venture (with SK holding the 51% share will begin operations in both countries and have a Board comprising executives from both organisations. Korea's leading oil producer and energy company, SK, has also become a specialist in battery development, while Continental brings expertise as one of the world's leading automotive component manufacturers.
The deal, due to complete in mid-2012, will see SK providing the lithium ion battery cells, to be combined with Continental-produced battery management electronics and other control systems for Hybrid and Electric Vehicle manufacturers worldwide.