South Korean energy conglomerate SK Group has agreed to strengthen its relationship with Chinese automaker Zhejiang Geely Holding Group in the global sustainable mobility business.

SK Group was estimated to be the world’s fifth largest electric vehicle (EV) battery manufacturer through its SK On Company subsidiary.

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The two companies signed a broad agreement this week to explore new opportunities to collaborate on the production of EV components such as batteries and electronic components, EV charging infrastructure and green energy.

The two groups already do business together, with SK On having signed an agreement at the end of last year to supply nickel cobalt manganese (NCM) battery cells for the Polestar 5 BEV which was scheduled for launch in 2025.

In 2021, SK Group and Geely each invested US$30m to create a fund, called the New Mobility Fund, to invest in global future mobility technology firms, attracting investors worldwide.

SK Group CEO Jang Yong-ho said in a statement: “Through this partnership, the two groups are expected to lead the global EV and eco friendly energy markets and build a strong foothold in the future mobility sector.”

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Geely’s CEO Daniel Donghui Li added “Geely’s cooperation with SK is part of our commitment to working with global partners in transforming and improving industries in a sustainable direction.”

Geely controls brands such as Volvo Cars, Polestar and Lotus Cars and has a growing strategic partnership with Malaysia’s Proton.

It reported an 18% rise in sales to 1,686,516 units last year, including 480,000 hybrid and electric vehicles.