South Korean battery manufacturer SK on Co. Ltd., a subsidiary of SK Innovation Co. Ltd., has raised approximately $944 million in May to expand its global production capacity. The company operates in the United States, South Korea, China, and Hungary, and aims to boost its production capacity to a minimum of 220 gigawatt-hours by 2025. SK on has secured over $3.3 billion in funding this year, surpassing its initial goal. The company also secured a loan of $1.5 billion from Hyundai Motor Co. and Kia Corp. and plans to use the credit to produce batteries for future Ford and Lincoln electric vehicles.