SK On produces high-performance lithium-ion EV batteries with advanced prismatic cells featuring improved fast-charging. The company is developing solid-state batteries with new electrolytes that boost conductivity by 70% and capacity by 25%, cobalt-free high-nickel batteries for cost and environmental benefits, and LFP batteries optimized for cold-weather. SK IE Technology manufactures lithium-ion battery separators and is expanding production facilities worldwide.
High-performance lithium-ion EV batteries including advanced prismatic cells; solid-state battery prototypes; cobalt-free high-nickel batteries; Lithium Iron Phosphate (LFP) batteries; specialized lithium-ion battery separators.
In 2024, SK Innovation merged with SK E&S to form the largest private energy enterprise in the Asia-Pacific with combined assets of 105 trillion won. SK On expanded EV battery production capacity and partnered with global automakers. Financial performance showed an 83% profit decline to 315.4 billion won due to higher gas and raw material costs.
SK Group is the primary shareholder. The National Pension Service holds a 7.1% stake. In 2023, SK On secured funding of $800 million from the MBK Consortium (US and Middle East) and $144 million from SNB Capital.
