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SK Innovation

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SK Innovation Co., Ltd.
Native name
에스케이이노베이션 주식회사
Company typePublic, Holding
KRX: 096770
IndustryPetroleum
Founded2007; 17 years ago (2007)
Headquarters
Seoul
,
South Korea
Area served
Worldwide
Key people
Chey Tae-won (Chairman)
Kim Jun (President & CEO)
ParentSK Inc.
SubsidiariesSK Energy
SK Geo Centric
SK On
SK Enmove
SK Incheon Petrochem
SK Trading International
SK IE Technology
SK Earthon
Websiteeng.skinnovation.com
Footnotes / references
[1]

SK Innovation Co., Ltd. (Korean: 에스케이이노베이션 주식회사) is an intermediate holding company of SK Group engaged in petroleum, alternative energy, and oil exploration. It runs its business through eight major subsidiaries, including SK Energy, SK Geo Centric,[2] SK On, SK Emmove,[3] SK Incheon Petrochem, SK Trading International, SK IE Technology and SK Earthon.[1]

History

SK Energy was established in 2007 by splitting South Korea's top refiner SK Corporation into an energy operation and holding company. SK Energy handled the energy and chemical businesses, while SK Holdings was in charge of investing in subsidiaries and the life science sector.[4]

SK Innovation was created through a restructuring of SK Energy in 2011. The original SK Energy has renamed itself SK Innovation after spinning off its oil refining, lubricants, and chemical businesses. In the beginning, SK Innovation has set up three fully-owned units, including SK Energy (a newly founded company operating crude oil refining business), SK Lubricants (now SK Emmove), and SK Global Chemical (now SK Geo Centric).[5] After two years, SK Innovation spun off SK Energy's Incheon refinery complex and oil trading division and launched SK Incheon Petrochem and SK Trading International.[6]

On March 31, 2017, SK Innovation said that the electric vehicle battery plant it had in China had been closed since January of that year, after "Chinese joint venture partners halted production for no obvious reason."[7] On March 21, 2018, SK Innovation announced the acquisition of U.S. shale oil and gas company Longfellow Nemaha.[8]

In 2019, the company decided to spin off its material division and established SK IE Technology.[9] On 1 October in 2021, SK Innovation officially completed the spin-off of its battery business, which is called 'SK On'.[10] In the first half of 2022, SK On is ranked fifth in the world with a market share of 7 per cent according to SNE research.[11] In September 2021, Ford and SK Innovation announced a joint venture to manufacture batteries in the Kentucky/Tennessee region for Ford motor vehicles.[12]

Controversies

In 2019, South Korean electric vehicle battery manufacturer LG Chem sued SK Innovation with the U.S. International Trade Commission (ITC) for misappropriation of trade secrets by hiring former employees. LG Chem requested the import ban to the U.S. for SK Innovation's lithium-ion batteries and infrastructure technology from the ITC.[13] The ITC sided with LG Chem and issued a limited 10-year exclusion order prohibiting imports into the United States of some lithium-ion batteries by SK Innovation.[14] In the end, SK Innovation agreed to pay LG Chem $1.8 billion in cash and royalties to avert the import ban.[15]

See also

References

  1. ^ a b "SK innovation ESG REPORT 2020" (PDF). SK Innovation. Retrieved October 31, 2021.
  2. ^ Kim, Minu (August 31, 2021). "SK Global Chemical rebranded SK Geocentric to invest $4.3 bn in green sourcing by 2025". Maeil Business Newspaper. Retrieved October 31, 2021.
  3. ^ "SK lubricants to change its name to SK enmove as of December". Maeil Business Newspaper. November 21, 2021. Retrieved January 8, 2023.
  4. ^ "SK Corp. Approved to Be Divided Into Two". The Korea Times. May 29, 2007.
  5. ^ "S.Korea SK Energy spins off units; renamed as SK Innovation". Reuters. January 3, 2011. Retrieved November 4, 2021.
  6. ^ "SK Innovation launches two subsidiaries". Yonhap. Seoul. July 1, 2013. Retrieved November 4, 2021.
  7. ^ Jung-a, Song (April 2, 2017). "LG Chem holds faith in China despite battery of obstacles". Financial Times. Archived from the original on August 3, 2020. Retrieved April 3, 2017.
  8. ^ "SK Innovation's U.S. unit to buy U.S. gas exploration firm Longfellow Nemaha". Yonhap News Agency. Archived from the original on 2018-03-22. Retrieved 2018-03-21.
  9. ^ "SK Innovation unit to expand lithium-ion battery separator output this year". Yonhap. Seoul. July 24, 2019. Retrieved November 4, 2021.
  10. ^ "SK Innovation spins off battery division". Electrive.com. 1 October 2021. Retrieved 1 October 2022.
  11. ^ "2022 1H Global[1] EV & Battery Performance Review". SNE research. Retrieved 1 October 2022.
  12. ^ Ford to Lead America’s Shift to Electric Vehicles with New Mega Campus in Tennessee and Twin Battery Plants in Kentucky; $11.4B Investment to Create 11,000 Jobs and Power New ...
  13. ^ "EV battery maker LG Chem sues SK Innovation, alleges trade secret theft". Reuters. Seoul. April 30, 2019. Retrieved November 4, 2021.
  14. ^ Shepardson, David; Yang, Heekyong (February 11, 2021). "SK Innovation loses U.S. battery trade case but gets temporary OK to sell to Ford, VW". Reuters. Washington. Retrieved November 4, 2021.
  15. ^ Jin, Hyunjoo; Yang, Heekyong; Shepardson, David (April 11, 2021). "S.Korean battery makers agree $1.8 bln settlement, aiding Biden's EV push". Reuters. Washington. Retrieved December 8, 2022.
  • Official website
  • Business data for SK Innovation:
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