Samsung SDI said on March 14 it will raise 2 trillion won ($1.5 billion) through an equity offering to fund its expansion in electric vehicle (EV) battery production, positioning itself for long-term growth despite a temporary slowdown in demand.

Samsung SDI Co. will raise 2 trillion won ($1.4 billion) selling new shares to fund investments in US and European facilities as well as new technologies, as the battery maker bets on long-term growth of the electric-car industry.

Samsung SDI said it would issue new shares worth 2 trillion won ($1.38 billion) in a regulatory filing on Friday and use the proceeds to invest in a U.S. joint venture with General Motors and expand its factory capacity in Hungary among others.

Samsung SDI Co., South Korea's second-biggest battery maker, said it will raise 2 trillion won ($1.37 billion) through a stock sale as part of its broader growth strategy. Its board of directors approved the capital increase aimed at "preemptively" securing a capital to prepare for a rebound in the car battery market,

Samsung SDI, a major Korean battery maker, announced on Friday that it would sell stock to raise 2 trillion won ($1.37 billion). The proceeds from the stock sale will be used mainly to finance stock acquisition.