SK on

What SK on does

SK On Co., Ltd. is a South Korea-based global manufacturer of lithium-ion EV batteries, operating as a wholly-owned subsidiary of SK Innovation within SK Group. The company was established in October 2021 through the spin-off of SK Innovation's battery business, and in February 2025 completed a three-way merger with SK Trading International and SK Enterm to operate as a "global battery & trading company." SK On designs and produces high-energy-density battery cells and modules — including high-nickel NCM pouch cells (NCM622, NCM811, NCM9½), prismatic and cylindrical cells, high-voltage mid-nickel variants, and LFP batteries — supported by proprietary technologies such as Z-folding electrode stacking, dual-layer coating, single-crystalline cathode materials, immersion cooling co-developed with SK Enmove, and wireless BMS.

SK On generates revenue primarily through B2B hardware sales of EV battery cells and modules to global automotive OEMs under long-term supply contracts. Its customer base spans premium automakers (Ferrari, Mercedes-Benz, BMW), volume EV brands (Nissan, Volkswagen, Slate), and Korean OEMs (Hyundai Motor Group via the 50/50 HSBMA joint venture in Georgia). The company is also expanding into adjacent revenue streams: LFP-based battery energy storage systems (BESS) for utility-scale developers and data center operators (Flatiron Energy, DTE Energy), a Battery-as-a-Service (BaaS) lifecycle management platform, and emerging defense and robotics applications. Manufacturing is globally distributed across South Korea, the United States (Georgia, Tennessee), China (Yancheng, Beijing, Changzhou, Shanghai), and Hungary (Komárom, Iváncsa), with a new sales/marketing office opened in Tokyo in April 2026. Revenue is not publicly disclosed at the per-cell price level; pricing is contract-based.

In 2025, SK On reported revenue of approximately 7 trillion won ($4.7 billion) alongside an operating loss of 931.9 billion won, reflecting a prolonged EV demand slowdown. The company responded by dissolving its BlueOval SK joint venture with Ford (December 2025), reducing its debt by roughly 5.4 trillion won, while securing large new contracts with Nissan (~100 GWh, 2028–2033) and Slate (~20 GWh, 2026–2031) and pivoting capacity toward ESS, defense, and all-solid-state battery development.

Name

SK on

Legal name

SK On Co., Ltd.

Website

https://eng.sk-on.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

SK On is a South Korea-based, SK Group-affiliated manufacturer of lithium-ion EV battery cells and modules (high-nickel NCM, LFP, mid-nickel) supplying global automotive OEMs such as Hyundai, Nissan, Volkswagen, and Ferrari, while expanding into energy storage systems, defense, and robotics battery applications.

Ownership category

akta.pro rank

Product category

EV Battery Manufacturing

NAICS

Battery Manufacturing (33591), Electrical Equipment Manufacturing (3353)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Battery Cell Manufacturing (EV) (IMACACAB)

akta.pro secondary industries

Battery Pack Manufacturing & Module Assembly (EUAFABAI), Battery Management Systems (BMS) & Pack Electronics Manufacturing (EUAFABAJ), Solid-State Battery Materials & Cell Manufacturing (EUAFABAH), Battery Cells (Li-ion, LFP, Sodium-ion, Lead-acid, NiMH) (IMAGAHAA)

Keywords

• Electric vehicle batteries
• Battery energy storage systems
• Lithium-ion battery cells
• Battery-as-a-service
• Solid-state battery development

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices15 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. EV Battery Cell and Module Sales: SK On generates the vast majority of its revenue from manufacturing and selling lithium-ion battery cells and modules to automotive OEMs for use in electric vehicles. Revenue is driven by long-term supply contracts with global automakers, with volume and pricing determined by GWh supplied.
2. ESS Battery Sales: SK On is expanding into energy storage system (ESS) battery sales, supplying LFP battery cells and containerized BESS units to utility-scale developers and energy companies in the US and other markets.
3. Battery-as-a-Service (BaaS): SK On provides services for the entire battery life cycle including battery rentals, charging, recycling, and reuse through its BaaS platform. Revenue generated from rental fees, monitoring services, and second-life/recycling value recovery.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

SK On develops and manufactures high-energy-density lithium-ion battery cells, modules, and packs for electric vehicles in pouch, prismatic, and cylindrical form factors, using high-nickel NCM (NCM622, NCM811, NCM9½), high-voltage mid-nickel, and LFP chemistries. The company also produces containerized Battery Energy Storage Systems (BESS) for utility-scale applications and operates a Battery-as-a-Service (BaaS) platform covering battery rental, charging, reuse, and recycling for fleet and B2B/B2C clients.

Product overview

SK On operates as a global battery and trading company (post three-way merger with SK Enterm and SK Trading International in February 2025) organized around three core product/service pillars: (1) Electric Vehicle Batteries — the core business offering high-nickel NCM pouch cells (NCM622, NCM811, NCM9½½), prismatic cells (side-tab and top-tab), cylindrical cells, LFP batteries, and high-voltage mid-nickel variants; supported by proprietary Z-folding stacking technology, dual-layer coating, and Cell-to-Pack (CTP) S-Pack+ modules; (2) Energy Storage Systems (ESS) — stationary battery products for utility and commercial/industrial use using NCM and LFP chemistries, containerized BESS with modular design, EIS-based diagnostics, and immersion cooling technology developed with SK Enmove; (3) Battery-as-a-Service (BaaS) — a cloud-connected lifecycle management platform covering rental, charging, reuse, and recycling. SK On also develops next-generation batteries including polymer-oxide composite all-solid-state batteries (targeting 2028 commercialization) and sulfide-based all-solid-state batteries (targeting 2030), supported by a pilot plant in Daejeon established in H2 2025 and a sulfide pilot plant launched September 2025. The company is also developing a wireless BMS that eliminates wiring harnesses, and dry electrode process technology.

Differentiator

Problem solved

Functional benefit

Brands

• SK On Trading International: A trading business specializing in crude oil, petroleum products, and battery raw materials; operates under SK On's company-in-company (CIC) system following the 2024 merger.
• SK Enmove

Products and services

• Electric Vehicle Battery (High-Nickel NCM) SK On's flagship EV battery product using high-nickel NCM cathode chemistry in pouch cell format, including NCM622, NCM811, NCM9½, and high-voltage mid-nickel variants. Marketed for high energy density, fast charging, and safety enabled by Z-folding stacking and dual-layer coating.
• Prismatic Battery Cells Prismatic battery cells in side-tab and top-tab configurations applying Z-folding stacking and fast charging solutions to the prismatic format, addressing diverse OEM customer demands.
• Cylindrical Battery Cells Cylindrical battery cells, marking SK On's first expansion into the cylindrical format to offer all three battery form factors (pouch, prismatic, cylindrical) to meet diverse customer demands.
• LFP Battery LFP (lithium iron phosphate) battery line targeting cost-competitive and safety-focused applications, particularly for energy storage systems and the affordable EV segment.
• Battery Energy Storage System (BESS) Containerized BESS units for utility and commercial/industrial applications, leveraging high-energy-density NCM and LFP batteries, modular design, advanced safety features including heat propagation prevention, and EIS-based battery diagnostics.
• Battery-as-a-Service (BaaS) Platform Cloud-connected platform covering the entire battery lifecycle including rentals, charging, reuse, and recycling, with real-time battery monitoring via cloud platforms for fleet operators, rental car companies, delivery businesses, and B2B/B2C clients.

Quantifiable outcome

• Z-folding technology achieves highest level of aligned electrode manufacturing globally at high-speed stacking rates
• +6 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Partnerships

19 partnerships are on record, tiered key, core, emerging and former.

• Samsung SDIkeyStrategic or Co-development Partner · 1 June 2026SK On and Samsung SDI are both pivoting from EVs to ESS as demand weakens. Samsung SDI signed a multiyear deal worth 10 trillion won with Mercedes-Benz and is competing in the same ESS market segments as SK On. Both companies are also involved in solid-state battery development competition.
• Samsung SDIkeyStrategic or Co-development Partner · 6 May 2026SK On and Samsung SDI are collaborating through competing in overlapping market segments. Samsung SDI and BMW have a joint evaluation agreement for all-solid-state battery development while SK On has its own solid-state battery programs. Both companies are working to increase LFP battery production as they pivot from EV batteries to ESS.
• Nissan (Japan)coreStrategic or Co-development Partner · 22 April 2026SK On secured Nissan as its first Japanese partner through a 15 trillion won deal to supply battery cells for North American EV models from 2028 to 2034. SK On opened a Tokyo office in April 2026 as its fourth global base to further develop partnerships with Japanese companies in the EV and ESS markets.
• Hyundai Motor Group (HSBMA Joint Venture)coreStrategic or Co-development Partner · 27 March 2026Hyundai Motor Group and SK On officially named their US battery joint venture Hyundai SK Battery Manufacturing America (HSBMA), finalizing a provisional name announced in April 2023. The 50/50 JV is over 90% complete and is set to begin commercial operations later in 2026 at its Bartow County, Georgia facility with annual capacity of 35 GWh. The JV is notably resilient compared to other Korean battery maker joint ventures scaling back in the current EV market.
• SK EntermkeyTechnology or Integration · 15 March 2026SK On merged with SK Enterm (South Korea's largest commercial tank terminal operator) in February 2025, as part of its three-way merger completing its transformation into a 'global battery & trading company.' SK Enterm's tank terminal assets enable more efficient and profitable trading by leveraging storage assets, including for battery raw materials.
• Hyundai RotemkeyStrategic or Co-development Partner · 4 February 2026SK On is currently supplying battery cells for Hyundai Rotem's next-generation multi-purpose unmanned vehicle program, including the HR-SHERPA autonomous vehicle. SK On is also in talks with US and European defense firms for supplying batteries for AI-powered unmanned underwater vehicles (UUVs), eVTOL aircraft, helicopters, and cargo aircraft. Defense battery supply is expected to become visible from around 2028 after testing and evaluation.
• US Defense Companies (unnamed)emergingStrategic or Co-development Partner · 4 February 2026SK On is in active discussions with US defense companies regarding battery supply for AI-powered unmanned underwater vehicles. The company is also approaching a European defense company regarding batteries for eVTOL aircraft. SK On expects defense battery supply to materialize after 2028 following military qualification processes.
• European Defense Company (unnamed)emergingStrategic or Co-development Partner · 4 February 2026SK On is approaching a European defense company regarding battery supply for eVTOL (electric vertical takeoff and landing) aircraft. Discussions are ongoing and expected to progress through 2026-2027 with commercialization visibility from 2028.
• POSCO HoldingscoreStrategic or Co-development Partner · 3 February 2026SK On signed a long-term lithium supply agreement with POSCO Holdings, securing up to 25,000 tons of lithium concentrate per year from POSCO Argentina's salt lake operations in the Hombre Muerto region of Argentina. The volume is sufficient to produce batteries for approximately 400,000 electric vehicles annually. The deal helps SK On diversify raw material sourcing away from China and meet US EV tax credit local sourcing requirements and EU raw materials regulations.
• POSCO ArgentinacoreTechnology or Integration · 3 February 2026POSCO Argentina's salt lake operations in the Hombre Muerto region supply lithium concentrate to SK On. POSCO Argentina achieved its first-ever monthly profit in March 2026 and expects first quarterly profit in Q2 2026.
• KESCO (Electrical Safety Research Institute)keyStrategic or Co-development Partner · 26 January 2026SK On signed an MoU with KESCO for joint research on advancing energy storage system fire safety and next-generation safety technologies. The partnership covers ESS fire safety research and evaluation, new battery materials development including improved LFP performance, and international cooperation through G-SAFE. SK On also announced plans to establish Korea's largest ESS battery production line with 3 GWh annual capacity at its Seosan plant.
• Ford Motor Company (Former BlueOval SK JV)formerStrategic or Co-development Partner · 1 December 2025SK On dissolved its $11.4 billion BlueOval SK joint venture with Ford in December 2025. Under the restructuring completed in May 2026, SK On took full control of the Tennessee plant (now SK On Tennessee) while Ford assumed ownership of the two Kentucky plants. The restructuring reduced SK On's debt by approximately 5.4 trillion won ($3.6-4 billion) and generates annual interest savings of ~$180 million.
• Flatiron Energy DevelopmentcoreStrategic or Co-development Partner · 4 September 2025SK On secured a BESS supply framework agreement with Flatiron Energy Development, a US utility-scale energy storage developer. Under the agreement, SK On will supply up to 7.2 GWh of BESS through 2030, starting with 1 GWh for a Massachusetts project beginning H2 2026. Flatiron specializes in utility-scale BESS development managing the entire value chain from design to construction and long-term operation across North America.
• L&FkeyTechnology or Integration · 11 July 2025SK On signed an MoU with L&F for the supply of LFP cathode materials for the North American ESS market. The agreement outlines plans for the two companies to discuss supply volume and period, building a mid- to long-term partnership to support SK On's LFP battery production for energy storage systems in the United States.
• Slate AutocoreStrategic or Co-development Partner · 25 April 2025SK On selected as battery supplier for US EV startup Slate, reinforcing its position in the North American EV market. SK On will supply about 20 GWh of U.S.-made NCM batteries from 2026 through 2031, with option for additional volumes. The Slate Truck uses 52.7 kWh and 84.3 kWh battery packs from SK On.
• Nissan MotorcoreStrategic or Co-development Partner · 21 March 2025SK On signed a battery supply agreement with Nissan to supply nearly 100 GWh of U.S.-made batteries from 2028 to 2034, powering Nissan's next-generation electric vehicles produced at its Canton, Mississippi assembly plant. This marks SK On's first partnership with a Japanese automaker, expanding its global customer base and supporting Nissan's electrification strategy in North America.
• SK EnmovekeyTechnology or Integration · 3 March 2025SK On and SK Enmove (leading lubricant supplier and SK Group affiliate) co-developed immersion cooling technology for EV batteries. The technology submerges entire battery cells in electrically insulating thermal fluids inside the battery pack, enabling superior heat dissipation compared to conventional bottom-cooling. The partnership combines SK On's battery expertise with SK Enmove's thermal fluid technology and high-quality base oils.
• SK Trading InternationalcoreTechnology or Integration · 1 November 2024SK On merged with SK Trading International (South Korea's sole trading company specializing in crude oil and petroleum products) in November 2024, operating under the CIC system as 'SK On Trading International.' The merger strengthened SK On's raw material sourcing capabilities, trading expertise, and global network. SK On Trading International plans to expand into battery metals and materials trading including lithium, nickel, and cobalt.
• Solid PowercoreStrategic or Co-development Partner · 1 January 2024SK On entered into multiple agreements with Solid Power including an R&D license and cell supply contract for all-solid-state battery development. Solid Power completed site acceptance testing for SK On's production line in Korea in April 2026, marking the final milestone of their line installation agreement. Cell production lines are now operational across Colorado, Germany, and Korea. SK On's pilot cell manufacturing line is near completion of site acceptance testing.

Scale indicators13 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• EVE Energy: Chinese battery maker with strong LFP position and SK On's named joint-venture partner in Yancheng (SK On Jiangsu). Direct competitor in LFP cells for ESS and the SK On partner for European supply.
• Panasonic Energy: Japanese battery manufacturer with major EV cell programs (Tesla 4680, Toyota) and a strong legacy in consumer cells; comparable to SK On as a non-Korean, premium-OEM-aligned NCM supplier now expanding into Asian and US capacity.
• LG Energy Solution: Korea-based global EV battery manufacturer, listed on Korea Exchange. Closest direct peer: same Korean heritage, same NCM pouch-cell heritage, same OEM customer base (Hyundai, GM, Honda, Tesla), and explicit competitor to SK On in both EV cells and the Korea ESS tender market.
• Samsung SDI: Korea-based EV battery and ESS cell manufacturer (and SK On's named competitor in Korea ESS tenders and solid-state programs). Direct competitor across premium NCM, prismatic cells, ESS, and joint BMW solid-state development.

Emerging players

• Solid Power: US-based all-solid-state battery developer and SK On's named R&D and cell-supply partner. Comparable to SK On as a sulfide-based solid-state competitor and collaborator, with production lines in Colorado, Germany, and Korea.
• Northvolt: European battery manufacturer focused on NCM and LFP cell production for EVs and ESS, with Swedish gigafactory operations; comparable to SK On's Hungarian footprint as a regional, sustainability-positioned EV cell competitor.
• Gotion High-Tech: Chinese battery maker with LFP and emerging LMR cell technologies, expanding internationally including planned European plants. Overlaps with SK On in LFP ESS and lower-cost EV cells.
• CALB (China Aviation Lithium Battery): Chinese battery manufacturer scaling NCM and LFP cell capacity for EVs and ESS. Comparable to SK On's LFP-for-ESS and volume-EV cell strategy, competing in global tender pricing.

Broad incumbents

• CATL (Contemporary Amperex Technology): World's largest EV battery maker with dominant global share across NCM and LFP chemistries. Comparable as primary scale competitor for SK On's OEM customers and as cost benchmark for LFP-based ESS supply.
• BYD: Vertically integrated Chinese EV and battery manufacturer with leading LFP (Blade) and high-volume cell production. Comparable to SK On as both EV cell supplier and LFP cost leader in adjacent storage markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sk-on

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries10 records

Funding overview

Funding rounds7 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SK on