The Chaebol that also runs chipmaker SK hynix lacks energy to run multiple middle kingdom entities
"Blue Dragon Energy was an investment entity for the battery business in Greater China. After the split-off of SK On from SK Innovation in 2021, Blue Dragon Energy no longer has a reason to run under SK Innovation, as SK On is active in China," explained an SK Innovation spokesperson, according to reports.former SK hynix CEO Lee Seok-hee to lead the division in an effort to stabilize SK Innovation at a time when it has been losing money.
Before Blue Dragon was nixed, it had planned to establish a battery cell factory, promote partnerships that would secure raw battery materials, and strike joint ventures. SK Innovation had invested ₩86.4 billion in 2018 to get Blue Dragon Energy going, and itself into the Chinese battery market.