South Korean energy and chemical company SK Innovation has announced plans to invest a total of 945.2 billion won ($841 million) to construct its second battery plant in Hungary.

SK Innovation will set up and operate its battery plant with an annual capacity of 7.5 gigawatts per hour, which will be reached after the final expansion stage in 2022.

The new factory, which is already under construction and is expected to be completed in 2021, is expected to start large-scale deliveries of cells to European car manufacturers from 2022 onwards.

SK Innovation said it will further strengthen its footholds on the European market with its new line, which will be built on a 117,130 square meter site that is part of the 430,000 square meter site in Komárom.