SK On launches today, already has orders for more than 1,000 GWh of batteries

1 October 2021, 08:37:53

SK Innovation today launched its battery division split off - the SK On as a wholly-owned subsidiary, meaning it is 100% owned by SK Innovation. In a split-off, the parent company holds all the shares. In a spinoff, shares are distributed to shareholders of the parent.

"Today marks an important step for SK Innovation to consummate a structural form of a portfolio innovation that we have sought," said Kim Jun, CEO of SK Innovation. "We are starting a new chapter."

SK On will work with around 1,400 employees from the former battery division of SK Innovation. Jee Dong-seob, previously head of SK Innovation's battery business, has been appointed as the CEO of SK On. Jee, who joined SK Innovation in December 2019, has also worked for SK Telecom and SK Lubricants.

"SK On is going to make the safest, fastest, and most durable products," Jee said. “In order to achieve that, SK On is going to build an independent management system and fortify expertise and global competitiveness in the battery business."

Through partnerships and aggressive investment, SK On, which supplies its batteries to Ford and Hyundai Motor, is expected to achieve an annual production capacity of more than 500 GWh by 2030. The company recently decided to invest 5.1 trillion won to build three battery factories in the United States with Ford. Each factory will have a production capacity of 43 GWh. It already is constructing two plants in Georgia that have a combined production capacity of 21.5 GWh.

"Through the latest split-off, SK On plans to become a leading player in the global battery business by 2030," SK On said. "The company has already received orders of more than 1,000 GWh."

Aside from supplying batteries for electric vehicles (EVs), SK On said it will also delve into various businesses utilizing batteries, such as energy storage systems, flying cars and robots.

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