The dispute between LG and SK infringement of the battery trade secret has finally ended.
SK Innovation has decided to give a settlement amount of KRW 2 trillion to LG Energy Solutions.
It is the largest ever related to trade secret infringement, and is the median amount of the settlement amount required by both sides.
In addition, we promised to stop all disputes at home and abroad, and not to file additional disputes for the next 10 years.
LG and SK announced that they have decided to engage in sound competition and friendly cooperation for the development of the Korean-US electric vehicle battery industry.
He also explained that it has decided to jointly endeavor to strengthen the battery supply chain and eco-friendly policies promoted by the Biden government.
LG emphasized that it is a result of reflecting fair competition and willingness to coexist through a separate position, and that it is of great significance that battery intellectual property rights have been recognized.
SK also said that uncertainty in the US battery business has disappeared, and that it will accelerate the operation of the first plant in Georgia and the construction of the second plant.
The agreement came dramatically one day ahead of the deadline for President Biden's veto on the decision of the US International Trade Commission to impose a '10-year import ban' on SK.
It is known that the Biden government actively mediated the agreement under water in consideration of job creation and the establishment of an electric vehicle supply chain.
Foreign media also came up with an analysis called "President Biden's Victory."
According to this agreement, the dispute over the infringement of battery trade secrets, which began when LG employees moved to SK on a large scale, ended dramatically in 713 days.
