Electric vehicle parts maker SK IE Technology has secured a green financing package loan worth $300 million from the International Finance Corp. for its planned production expansion in Poland.

Of the total amount, two-thirds will come directly from the IFC, while the remainder will be offered by other private banks participating in the funding program.

The newly secured investment will be used for the planned expansion of its lithium-ion battery separator (LiBS) plant in Poland, as part of its efforts to bolster responsiveness to the soaring demand in Europe’s electric vehicle market.

SK IE Technology set up its Polish unit in 2021 to operate Europe’s first LiBS plant, and three additional plants in the region are under construction.

When the expansion is completed by 2024, the company‘s annual production capacity of 1.53 billion square meters of separators -- expected to be the largest in Europe -- will be able to supply more than 2 million EVs.

The company operates LiBS plants in Korea, China and Poland. It is also considering entering into the North American market to take advantage of EV incentives under the Inflation Reduction Act.