SK Innovation is set to invest 560 billion KRW (approximately 378 million USD) in AI Company, an artificial intelligence (AI) solutions and investment firm being established in the U.S. by its affiliate, SK Hynix.
SK Innovation’s consolidated audit report, released on Tuesday, reveals that the company signed a capital commitment agreement on March 1 to invest 380 million USD in SK Hynix NAND Product Solutions, SK Hynix’s U.S. subsidiary.
This investment will be made through a capital call method, with funds allocated in installments over the next four years as requested, beginning from the agreement date. The total investment amount is predetermined, and SK Hynix will acquire common shares as funds are contributed based on their requests.
SK Hynix NAND Product Solutions was formerly Intel Corporation’s NAND business unit, which SK Hynix acquired in 2020. In January, SK Hynix announced plans to rebrand Solidigm as AI Company (working title), transforming it into a specialized AI investment and solutions firm.
The existing Not-AND (NAND) and Solid-State Drive (SSD) operations will be transferred to a newly established subsidiary. To maintain business continuity, the new subsidiary will retain the name Solidigm, which was AI Co.’s previous corporate identity. SK Hynix intends to invest 10 billion USD in response to funding requests from AI Co.