BATTERIES-

SK On narrows losses in 4Q, expects to break even in 2H: SK On, the SNB Capital-backed battery unit of SK Innovation, reported a smaller operating loss in 4Q 2023 of KRW 18.6 bn (USD 14 mn) from KRW 86.1 bn in 3Q, and said it expects to reach a break-even point in 2H 2024, Reuters reports. The company attributed the improvement to increased shipments of EV batteries to its major customers, such as Ford and Hyundai. SK On also expects slowed growth in the global EV market, echoing similar expectations by its rival LG Energy Solution. SK On also said it will continue to invest in its battery business, allocating more than 80% of its 2024 capital expenditure of about KRW 9 tn (USD 6.8 bn) to expand its production capacity abroad.

REMEMBER- SK On has regional support: Saudi Arabia’s SNB Capital acquired an undisclosed stake worth USD 100 mn in the Korean battery manufacturer in July. The funds were earmarked for the company’s expansion plans and boosting its production capacity.

SOLAR-

Tunisia opens first solar plant in Djerba island: Tunisia has inaugurated a 1 MW photovoltaic solar power plant in Djerba that will provide electricity to 500 homes, TAP reports. The TND 3 mn project spans 1.5 hectares with 2k solar panels. The project is in alignment with Tunisia’s goal to produce 35% of electricity through renewable energy by 2035 and lower the current 50% energy deficit, which will require 5 GW of energy.

More projects in the pipeline: Tunisia is issuing tenders for larger projects with a total capacity of 1.7 GW, including two in Metbasta at 500 MW and 100 MW each. Two projects at 50 MW each are also in the final stages in Tozeur and Sidi Bouzid.

Tags: