On August 25, South Korean energy company SK Innovation announced that it had decided to absorb its subsidiary SK IE Technology (SKIET), which manufactures lithium-ion battery separators (LiBS) for electric vehicles (EVs). Subject to approval by SK Innovation’s board of directors and SKIET’s general shareholders’ mee
In December 2025, Ford and SK On, SK Innovation's battery unit, announced that the two companies would be dissolving the BlueOval SK joint-venture formed in 2022. While Ford takes over and retools the BlueOval SK Battery Park in Glendale, Kentucky for LFP battery production for battery energy storage solutions (BESS)
Ford has revealed that the total cost for dissolving its EV battery joint venture with SK On, announced in December 2025, is USD 6 billion, which will be a hit to earnings before tax and interest (EBIT) spread across a few years. The first USD 3 billion write down will take place in 2025 earnings, while the remaining
On January 28, SK Innovation Co. said on its Q4 2025 earnings call that the termination of the battery joint venture with Ford Motor Co. in the U.S. resulted in a KRW 3.7 trillion (USD 2.6 billion) asset loss, as the end of the U.S. EV tax credits reduced its profitability in the quarter despite increased shipments t
South Korea's SK Innovation Co., Ltd. (SK Innovation) announced that it has developed a new lithium-iron phosphate (LFP) battery recycling technology. Conventional LFP battery recycling processes require by-product treatment and generate wastewater, creating significant environmental burdens. They also have economic
South Korea’s SK Innovation Co., Ltd. announced that the company licensed its proprietary waste battery recycling technology to KBR Inc., a US engineering company. Through this agreement, KBR will combine its high-purity crystallization technology, named PureLi, with SK Innovation’s waste battery recycling technology
On August 20, Group14 Technologies closed a USD 463 million round led by SK, Inc., with strong participation of other existing investors, including Porsche Investments, ATL, OMERS, Decarbonization Partners, Lightrock Climate Impact Fund, Microsoft Climate Innovation Fund, etc.
The funds will be used to continue scali
On December 16, the U.S. Energy Department announced it had finalized a direct loan of up to USD 9.63 billion to the joint venture of Ford Motor Co. and SK On Ltd. for the construction of three EV battery plants in Tennessee and Kentucky.
The loan is the largest from the department's Advanced Technology Vehicles Manu
SK Battery America confirmed will furlough employees at its Commerce, Georgia plant in efforts to reduce production to match the sluggish demand for electric vehicles. The move is temporary and will not shut down the plant, according to an SK spokesman, while declining to say how many people will be out of work or fo
KOÇ HOLDİNG announced that a non-binding and non-exclusive memorandum of understanding (MoU) with Ford Motor Company ("Ford") and SK On Co., Ltd. ("SKO") related to the Koç Group becoming a party to the foreseen electric commercial vehicle battery production investment by Ford and SKO in Ankara has been terminated. A
SK Innovation Co., Ltd. (SK Innovation) announced that it has signed a memorandum of understanding (MOU) with a South Korean secondary battery recycling company, SungEel HiTech Co., Ltd., to establish a joint venture. The two companies will set up a JV in 2023, combining SK Innovation's technology to recover lithium
SK Trading International (SKTI), a subsidiary of South Korea's SK Innovation, announced that it will invest in Infinium Holdings, Inc. (Infinium) in the U.S. Infinium was established in California, the U.S. in 2020. It owns the technology of "e-fuel," a synthetically produced liquid fuel made from carbon dioxide and
SK ie Technology (SKIET), a wholly owned subsidiary of SK Innovation, signed a business partnership agreement with VinES. SKIET is an SK Group company that manufactures separators for electric vehicle (EV) battery cells, and VinES belongs to Vingroup and manufactures EV batteries in Vietnam. SKIET supplies separators
On July 26, at a White House meeting with U.S. President Joe Biden, Tae-won Chey, Chairman of SK Inc. announced USD 22 billion in new investment in the U.S., including major investments in semiconductors, EV batteries, and biotechnology.
The new investment effectively doubles the USD 22 billion the company has alread
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