SK On
SK Innovation's EV battery subsidiary repositioning toward stationary storage and AMPC-driven US production
Seoul, South Korea~10,000Founded 2021$1.69B+ pre-IPO equity raises raised~$19B (post-2023 raise) valuationwww.skon.co.kr
SectorsBatteries
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
Funding History
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 Specifications
| 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 |
Partnerships & Investors
Ford MotorJV (Dissolving Q1 2026)
BlueOval SK JV originally for 3 plants; Ford takes Kentucky, SK On retains Tennessee; 4.2T KRW impairment in Q4 2025
Hyundai Motor GroupJoint Venture (HSAGP)
$5B 50/50 JV in Bartow County, GA; 35 GWh annual capacity; production began H2 2025
Volkswagen GroupSupply Agreement
Battery supply for VW's North American EV production
Mercedes-BenzSupply Agreement
European EV battery supply
Flatiron Energy DevelopmentESS Customer
7.2 GWh multi-year US BESS supply (Sep 2025; ~$1.5B total)
MBK PartnersStrategic Investor
$900M equity investment (2023)
BlackRockStrategic Investor
Co-led $790M equity raise (2024)
Qatar Investment AuthorityStrategic Investor
Co-led $790M equity raise (2024)
Key Milestones
Oct 2021
Spun Off from SK Innovation
Established as standalone battery subsidiary of SK Innovation (part of SK Group)
2021
BlueOval SK JV with Ford Announced
$11.4B JV with Ford to build three battery plants (two in Kentucky, one in Tennessee)
2022
Georgia Plant 1 Production Start
Commenced battery cell production at Commerce, Georgia (~$2.6B investment)
2022
Hyundai Bartow County GA JV (HSAGP) Announced
$5B 50/50 JV with Hyundai for 35 GWh annual capacity, supplying Hyundai/Kia/Genesis EVs
2023
$900M Equity Raise
Raised $900M at ~$19B valuation from MBK Partners-led consortium
2024
$790M BlackRock/QIA Raise
Additional $790M from BlackRock and Qatar Investment Authority
H2 2025
Hyundai Bartow GA Plant Start
HSAGP plant begins battery cell production (35 GWh capacity)
Sep 2025
Flatiron 7.2 GWh BESS Deal
First US gigawatt-scale stationary-storage supply deal (~$1.5B) with Flatiron Energy Development; LFP cells; first 1 GWh ships H2 2026
Dec 2025
BlueOval SK Dissolution Announced
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
Q4 2025
Q4 2025 Battery Results
Battery segment continues to bleed; SK Innovation parent records 2.11T KRW net loss; 4.2T KRW BlueOval-related impairment hits non-operating line
2026
ESS Pivot Underway
Repurposing portion of Georgia plant capacity to LFP cells for stationary storage; closing of BlueOval split expected Q1 2026