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SK OnSK Innovation's EV battery subsidiary repositioning toward stationary storage and AMPC-driven US production
Q4 2025 Battery Operating Loss
Multi-hundred-billion KRW
Q3 was 124.8B KRW operating loss; Q3 had 17.9B KRW consolidated operating profit
AMPC (IRA 45X) Cumulative 2025 (Q3)
617.3B KRW
Q3 alone: 173.1B KRW
Installed Capacity (2025)
~180 GWh
Targeted; varies by source
Hyundai HSAGP JV Capacity
35 GWh
Production started H2 2025
Flatiron BESS Contract
7.2 GWh / ~$1.5B
Through 2030
BlueOval SK Impairment (Q4 2025)
4.2T KRW
One-off
Pre-IPO Valuation
~$19B
Total raised: $1.69B+ pre-IPO equity raises · Latest valuation: ~$19B (post-2023 raise)
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Spin-off from SK Innovation | Oct 2021 | - | - | SK Innovation (parent: 89%+ stake) |
| Equity Raise – Round 1 | 2023 | $900M | ~$19B | MBK Partners (consortium) |
| Equity Raise – Round 2 | 2024 | $790M | - | BlackRockQatar Investment Authority (QIA) |
| Product | Application | Chemistry | Notes |
|---|---|---|---|
| NCM EV Cells | Electric Vehicles | NCM (Nickel-Cobalt-Manganese) | Primary product for OEM partners: Hyundai/Kia, Ford (legacy), Volkswagen, Mercedes-Benz |
| High-Nickel Cells | Long-range EVs | NCM 9½½ / NCM 811 | High energy density cells for premium EV applications |
| LFP ESS Cells | Grid-scale stationary storage | LFP | Production line being repurposed at Georgia plant for ESS supply (Flatiron) |
| LFP EV Cells (in dev) | Mass-market EVs | LFP | Lower-cost chemistry for entry-level EVs |
BlueOval SK JV originally for 3 plants; Ford takes Kentucky, SK On retains Tennessee; 4.2T KRW impairment in Q4 2025
$5B 50/50 JV in Bartow County, GA; 35 GWh annual capacity; production began H2 2025
Battery supply for VW's North American EV production
European EV battery supply
7.2 GWh multi-year US BESS supply (Sep 2025; ~$1.5B total)
$900M equity investment (2023)
Co-led $790M equity raise (2024)
Co-led $790M equity raise (2024)
Established as standalone battery subsidiary of SK Innovation (part of SK Group)
$11.4B JV with Ford to build three battery plants (two in Kentucky, one in Tennessee)
Commenced battery cell production at Commerce, Georgia (~$2.6B investment)
$5B 50/50 JV with Hyundai for 35 GWh annual capacity, supplying Hyundai/Kia/Genesis EVs
Raised $900M at ~$19B valuation from MBK Partners-led consortium
Additional $790M from BlackRock and Qatar Investment Authority
HSAGP plant begins battery cell production (35 GWh capacity)
First US gigawatt-scale stationary-storage supply deal (~$1.5B) with Flatiron Energy Development; LFP cells; first 1 GWh ships H2 2026
Ford and SK On agree to dissolve $11.4B JV; Ford takes Kentucky plants, SK On retains/operates Tennessee plant; 4.2T KRW Q4 2025 impairment recorded
Battery segment continues to bleed; SK Innovation parent records 2.11T KRW net loss; 4.2T KRW BlueOval-related impairment hits non-operating line
Repurposing portion of Georgia plant capacity to LFP cells for stationary storage; closing of BlueOval split expected Q1 2026
Leading Korean battery maker supplying Ford, Hyundai, and VW with nickel-rich cells for EVs and energy storage. Part of the SK Group conglomerate with large manufacturing footprints in the US (Georgia), Hungary, and China. Racing to achieve profitability while scaling production to 200+ GWh by mid-decade through joint ventures and greenfield factory builds. SK On was founded in 2021, is headquartered in Seoul, South Korea and employs ~10,000.
SK On has raised $1.69B+ pre-IPO equity raises in total at a ~$19B (post-2023 raise) valuation, based on the funding rounds Sterling tracks.
Sterling groups SK On in the Batteries sector, alongside Tesla Energy (TSLA), Panasonic (PCRFY), QuantumScape (QS), Solid Power (SLDP), Albemarle (ALB) and CATL (300750.SZ).
If you are researching SK On, also look at Tesla Energy (TSLA), Panasonic (PCRFY) and QuantumScape (QS). You can compare all of them side by side or browse the full Batteries sector on Sterling.
