What SK Eternix does

SK Eternix (KRX:475150), headquartered in Seongnam, South Korea, is a publicly listed renewable energy developer and operator formed in March 2024 as a restructuring of the former SK Eteronics (itself tracing to Aperon, founded 2004). The company operates across the full renewable energy value chain — development, EPC, and operations — with four core product lines: solar power (54 MW across 36 sites), onshore and offshore wind (887 MW across 6 sites plus a 1.6 GW pipeline including the 390 MW Shinan-Ui offshore project), energy storage systems (~795 MWh, the largest private ESS portfolio in Korea across 28 sites), and high-efficiency solid oxide fuel cells (89 MW operating, 169 MW cumulative including the 80 MW Daesowon Eco Park, leveraging exclusive Korean supply rights to Bloom Energy technology). The company also operates a power trading business and is developing a Virtual Power Plant (VPP) platform for aggregating distributed energy resources.

SK Eternix serves three primary customer segments: large Korean corporations pursuing RE100 compliance (via direct, virtual, and third-party PPAs typically spanning 25 years), energy-intensive industrial and manufacturing firms (cement, steel, chemical, semiconductor, shipbuilding sectors using peak-reduction ESS), and global renewable energy investors (including KKR, which acquired a 43.5% stake in March 2026 for ~$235M as part of a broader 50-50 JV with SK Group to consolidate ~1.8 trillion won of renewable assets). Revenue is generated primarily through electricity sales, Renewable Energy Certificate (REC) sales, long-term PPA contracts, and power trading fees. The company is expanding internationally, notably into the US ESS market via the SA Grid Solutions JV with Apex Clean Energy and SK Gas.

The technology stack combines a proprietary Digital O&M system (AI/cloud-based real-time monitoring, predictive maintenance, and remote control for solar assets), ESS Value-up optimization algorithms developed from operational experience, and Bloom Energy SOFC fuel cell technology supplied under exclusive Korean rights. Marketing is conducted through direct enterprise B2B sales, IR communications, consortium partnerships for offshore wind, and press releases. Strategic positioning emphasizes full value-chain integration (development through power trading), institutional capital partnerships, and dominance in domestic private ESS and wind pipelines.

Name

SK Eternix

Legal name

주식회사 SK이터닉스

Website

https://sketernix.com

Company type

Public

Founded year

2024

Operating status

Operating

Headcount range

51–100 employees

Short description

SK Eternix is a South Korea-based publicly listed renewable energy developer-operator with Korea's largest private ESS portfolio (~795 MWh) and 1.6 GW wind pipeline, serving corporate RE100 buyers, industrial manufacturers, and global energy transition investors across solar, wind, ESS, and fuel cell segments.

Ownership category

akta.pro rank

Product category

Renewable Energy / Power Generation

NAICS

Electric Power Generation (22111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Development-Stage M&A & Portfolio Acquisition (Early-Stage/Ready-to-Build) (EUAMAAAF)

akta.pro secondary industries

PPA Origination, Structuring & Offtake Contracting (Physical/Financial, Sleeves) (EUAMAMAD), C&I PPAs & Virtual PPAs (VPPA) Origination & Management (EUAGACAF), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI), Utility-Scale Power Generation Asset Management (EUAEAMAA), Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

Keywords

• Renewable power generation
• Corporate PPA services
• Energy storage systems
• Offshore wind development
• RE100 compliance solutions

Headquarters

HQ city

Seongnam

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Renewable Energy Development & Asset Ownership: SK Eternix develops and owns solar, wind, ESS, and fuel cell power generation assets. Revenue is generated through electricity sales, REC (Renewable Energy Certificate) sales, and long-term power purchase agreements with corporate customers. The company operates 36 solar sites (54 MW), 6 wind sites (887 MW), 5 fuel cell sites (89 MW), and 28 ESS sites (795 MWh).
2. Power Trading & Electricity Brokerage: SK Eternix operates power trading business connecting green energy generation resources. The company participates in domestic electricity brokerage and expanding into US market for real-time power trading. Global VPP business platform development is underway.
3. RE100 Corporate PPA Services: Provides direct PPA, third-party PPA, and VPPA (Virtual PPA) contract structures to support Korean companies' RE100 compliance. Long-term power supply contracts with corporates, including a 100MW solar PPA worth 502.3 billion won over 25 years and 75MW wind PPA for domestic companies.
4. Fuel Cell Development & Operations: Total solution provider for fuel cell power plant development covering development, PF, EPC, and operations. Revenue from electricity generation and REC long-term contracts with private generators. Operating fuel cell plants including Cheongju Eco Park (40MW), Geumyang Eco Park (20MW), Chilgok Eco Park (20MW), Uirong Myeongmok Eco Park (9MW), and Eumsung Eco Park (20MW).

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

SK Eternix develops, owns, and operates renewable power generation assets across solar, onshore and offshore wind, energy storage systems (ESS), and fuel cell power plants, selling the generated electricity primarily through long-term Power Purchase Agreements (PPAs) to corporate and industrial buyers in Korea. It complements physical generation with a digital O&M platform, a direct PPA brokerage for RE100 corporate demand, and a Virtual Power Plant (VPP) platform for electricity brokerage and distributed asset aggregation, including U.S. ESS market operations.

Product overview

SK Eternix (SK이터닉스) is a Green Energy Solution Provider offering an integrated renewable energy portfolio spanning four core products: Solar Power, Wind Power (onshore and offshore), ESS (Energy Storage Systems), and Fuel Cell power generation. The company operates across the full value chain from development and EPC to operations, enhanced by digital O&M services leveraging AI and cloud computing. SK Eternix provides power trading platform services and VPP (Virtual Power Plant) capabilities, enabling RE100 support for corporate customers through Direct PPA arrangements. The company also operates internationally with US ESS market entry through joint ventures with SK Gas and Apex Clean Energy.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Power Solar photovoltaic power generation assets developed, owned, and operated by SK Eternix, supplying renewable electricity to corporate and industrial buyers under long-term Power Purchase Agreements.
• Wind Power (Onshore & Offshore) Onshore and offshore wind power generation assets operated by SK Eternix, including the Sinan Ui offshore wind project and the largest private onshore wind portfolio in South Korea.
• Energy Storage Systems (ESS) Energy storage systems installed at industrial and manufacturing customer sites for peak shaving, electricity cost reduction, and grid stability; Korea's largest ESS operator footprint, with expanding U.S. ESS operations.
• Fuel Cell Power (Bloom Energy SOFC) Solid oxide fuel cell (SOFC) power generation using exclusive Korean rights to Bloom Energy technology, supplying clean baseload electricity to corporate and industrial offtakers under long-term PPAs.
• Direct PPA Brokerage (RE100) Direct Power Purchase Agreement brokerage connecting large Korean corporates with RE100 commitments to renewable electricity supplied from SK Eternix's generation portfolio under long-term contracts.
• VPP Platform (Electricity Brokerage & Power Trading) Virtual power plant platform that aggregates distributed energy assets in Korea and the U.S. for electricity brokerage and power trading, enabling global VPP operator capabilities.

Quantifiable outcome

• Carbon emissions reduction through renewable energy generation - annual reduction equivalent to tree planting effects
• +3 more outcomes

Named customers13 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

AI capability4 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor, core and major.

• ChamBit Group (참빛그룹)minorStrategic or Co-development Partner · 22 April 2026ChamBit Group participated as an equity investor and fuel supply partner for the Daesowon Eco Park fuel cell power plant project. The partnership maximizes power plant stability by securing fuel supply and investment resources.
• SK Group (SK Innovation, SK Ecoplant)coreStrategic or Co-development Partner · 12 February 2026SK Group is establishing a 50-50 joint venture with KKR to consolidate fragmented renewable energy operations across multiple affiliates including SK Innovation, SK Ecoplant, and SK Eternix into a unified platform spanning solar, wind, and energy storage. KKR will first acquire a 31% stake in SK Eternix from SK Discovery, after which the JV will acquire renewable energy business units from SK Innovation, SK Ecoplant, and SK Discovery.
• Hanwha Ocean, KOMIPO, Future Energy Fund, Hyundai Engineering & ConstructionmajorStrategic or Co-development Partner · 29 December 2025Consortium partnership for the Shinan-Ui 390MW offshore wind project in South Korea. Vestas secured the wind turbine order for this project. SK Eternix leads development as the primary private offshore wind developer in Korea.
• TopSun (탑선)minorStrategic or Co-development Partner · 14 November 2025SK Eternix signed a business agreement with TopSun, a solar solution company, for regenerative energy and BESS business development. The partnership aims to develop renewable energy projects leveraging complementary capabilities.
• Apex Clean EnergycoreStrategic or Co-development Partner · 20 April 2025SA Grid Solutions joint venture formed by Apex Clean Energy, SK Gas, and SK Eternix to finance and develop the Great Kiskadee Storage, a 100-megawatt battery energy storage system in Texas. The transaction leveraged IRA provisions combining debt, equity and tax credit financing. SK Eternix's first US ESS project (100MW) commenced commercial operation in February 2025.
• Glenmont PartnersminorStrategic or Co-development Partner · 1 January 2022SK Eternix established a joint venture with UK-based Glenmont Partners for power trading business operations. The partnership marks SK Eternix's entry into the electricity brokerage market and international power trading.
• Bloom EnergycoreTechnology or Integration · 1 January 2019SK Eternix holds exclusive domestic supply rights for Bloom Energy's high-efficiency solid oxide fuel cell (SOFC) technology. The partnership enables development of fuel cell power plants as total solution provider covering development, PF, EPC, and operations. Bloom Energy supplies equipment while SK Eternix handles project development and operations.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Korea Midland Power (KOMIPO): Korean state-owned power generator and a consortium partner with SK Eternix on the 390 MW Sinan-Ui offshore wind project. Competes in and co-develops Korean renewable generation.
• Doosan Enerbility: Major Korean heavy OEM with wind turbine manufacturing and renewable project development capabilities. Competes with SK Eternix in wind EPC and offshore wind supply chain in Korea.
• SK Ecoplant: SK Group affiliate also consolidating into the KKR JV; operates solar, wind, and ESS businesses in Korea. Directly comparable renewable IPP activity and overlaps with SK Eternix's customer base of Korean corporates pursuing RE100.
• SK Innovation E&S: Affiliate within SK Group whose renewables business is being consolidated into the same KKR-backed JV. Operates renewable and LNG energy businesses and overlaps directly with SK Eternix in solar, wind, and hydrogen-adjacent power generation in Korea.
• Hanwha Solutions (Q CELLS/Q ENERGY): One of Korea's largest renewable energy developers and a leading global solar manufacturer. Competes with SK Eternix in Korean solar development, module supply, and increasingly in utility-scale wind and energy storage.

Broad incumbents

• Clearway Energy: US-listed renewable IPP with diversified wind, solar, and storage assets and long-term corporate/utility PPAs. Closely mirrors SK Eternix's strategy of contracted renewable cash flows plus growing US storage exposure.
• Nextera Energy: World's largest renewable energy IPP by capacity. Provides a global comparable for SK Eternix's wind/solar/ESS IPP+trading platform, particularly relevant as SK Eternix expands into US power trading via SA Grid Solutions.
• Korea Electric Power Corporation (KEPCO): Dominant Korean state-owned utility covering generation, transmission, and distribution. While a broad incumbent, KEPCO is the primary off-taker and counterpart for many PPAs and is the benchmark scale player in Korean power.

Emerging players

• CS Wind: World's largest wind tower manufacturer and expanding into offshore wind foundations. Compares as a Korean renewable supply-chain peer increasingly exposed to the same offshore wind pipeline (including Sinan-Ui) that SK Eternix is developing.
• POSCO Future M: Korean battery materials and energy storage materials supplier with growing exposure to ESS and renewables value chain. Overlaps with SK Eternix in ESS-related supply chain and Korean clean energy themes.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/sk-eternix

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors2 records

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

M&A

Investments

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

Frequently asked questions about SK Eternix