SK On
SK Innovation's EV battery subsidiary pivoting to energy storage
SectorsBattery & Energy Storage
Q4 2025 Revenue
1.46T KRW
Q4 2025 Operating Loss
-441.4B KRW
Installed Capacity
88 GWh
Capacity Target (Mid-term)
220 GWh
Capacity Target (Long-term)
500 GWh
Georgia Plant Investment
$2.6B
BlueOval SK Impairment
4.2T KRW
Valuation
~$19B
Funding History
Total raised: $1.69B+ (equity raises) · Latest valuation: ~$19B
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Equity Raise – Round 1 | 2023 | $900M | ~$19B | MBK Partners |
| Equity Raise – Round 2 | 2024 | $790M | — | BlackRockQatar Investment Authority (QIA) |
Product Specifications
| Product | Application | Chemistry | Notes |
|---|---|---|---|
| NCM EV Cells | Electric Vehicles | NCM (Nickel-Cobalt-Manganese) | Primary product for OEM partners including Hyundai, Ford, VW |
| High-Nickel Cells | Long-range EVs | NCM 9½½ / NCM 811 | High energy density cells for premium EV applications |
| LFP Cells | Mass-market EVs / ESS | LFP | Lower-cost chemistry for entry-level EVs and energy storage |
| ESS Battery Systems | Grid-scale Storage | LFP / NCM | Growing focus area as part of strategic ESS pivot |
Partnerships & Investors
Ford MotorJoint Venture (Dissolving)
BlueOval SK JV for US battery plants; dissolving with 4.2T KRW impairment
Hyundai Motor GroupSupply Agreement
Major battery supply contract for Hyundai and Kia EV platforms
Volkswagen GroupSupply Agreement
Battery supply for VW's North American EV production
MBK PartnersStrategic Investor
$900M equity investment
BlackRockStrategic Investor
Co-led $790M equity raise with QIA
Qatar Investment AuthorityStrategic Investor
Co-led $790M equity raise with BlackRock
Key Milestones
2021
Spun Off from SK Innovation
Established as standalone battery subsidiary of SK Innovation (part of SK Group)
2022
Georgia Plant 1 Production Start
Commenced battery cell production at Commerce, Georgia facility ($2.6B total GA investment)
2023
$900M Equity Raise
Raised $900M from MBK Partners at approximately $19B valuation
2023
BlueOval SK JV with Ford
Formed joint venture with Ford Motor for US battery manufacturing
2024
$790M BlackRock/QIA Raise
Raised additional $790M from BlackRock and Qatar Investment Authority
2024
88 GWh Installed Capacity
Reached 88 GWh of installed production capacity across global facilities
2025
BlueOval SK JV Dissolution
Ford-SK joint venture began dissolving; SK On took 4.2 trillion KRW impairment charge
2025
ESS Pivot Announced
Strategic pivot toward energy storage systems to diversify from EV-only dependency
2025-Q4
Q4 2025 Results
Revenue 1.46T KRW with operating loss of 441.4B KRW