SK, Hyundai Motor's US JV, named Georgia's Deal of Year

South Korea’s battery maker SK On and Hyundai Motor Group's joint battery project in Georgia, the US, was awarded the "Deal of the Year 2023 in Large Community category" by the Georgia Economic Developers Association (GEDA), according to two companies on Tuesday. 

The Deal of the Year, awarded by the association since 2008, considers factors such as the economic impact on Georgia, the expertise required for the contract's fulfillment, difficulty, and other aspects in selecting the annual winner.

Previously, the two companies announced a joint investment of $5 billion to build a battery factory with an annual capacity of 35 GWh in Bartow County, Georgia. The target operational date is the second half of 2025.

This marks the second time SK On has received the Deal of the Year award. SK On received 2019 the award in the "Mid-size Community" category for its self-built factory, "SK Battery America," located in the City of Commerce.

Write to Hyung-Kyu Kim at khk@hankyung.com