SK On, EV Battery Manufacturer, Named to Fortune’s 2023 ‘Change the World’ List
SK On’s efforts to catalyze the transition to electric vehicles (EVs) have been monumental. They have strategically positioned themselves as a key player in the EV battery manufacturing sector, with their inclusion in Fortune’s 2023 “Change the World” list being an apt testament to their significant contributions. SK On’s commitment is evident in their expansive network of facilities, which includes the SK Battery America site in Commerce, Ga. This site is an integral part of SK On’s global manufacturing base for EV batteries, reinforcing their commitment to a sustainable future.
Their groundbreaking strides have earned them a coveted spot amongst the “American electrifiers,” a group of forward-thinking companies revolutionizing the transportation industry. What sets SK On apart is their unique focus on establishing a domestic supply chain for EV battery cells in the U.S. By bringing the manufacturing process to the U.S., SK On is not only creating jobs but also ensuring a reliable, homegrown supply of essential components for the burgeoning EV market.
EV battery boom, part of clean energy boom
SK On is part of a “battery boom” currently happening in the United States for EV battery manufacturing. This is a part of a larger “clean energy boom.”
According to Climate Power, “Clean energy companies have announced 101,036 new jobs in 31 states between August 16, 2022 to January 31, 2023. As of January 31, 2023, there are over 90 new clean energy projects in small towns and bigger cities nationwide totaling $89.5 billion in new investments.”
SK On’s footprint in the U.S. is substantial, with six EV battery plants either in operation or under construction across Georgia, Tennessee, and Kentucky. These include:
- SK Battery America: A U.S. subsidiary of SK On, this entity operates two fully functional EV battery plants in Commerce, Ga.
- BlueOval SK: Forming a strategic alliance, Ford and SK On established this joint venture. The partnership aims to construct battery plants in Glendale, Ky. and Stanton, Tenn. The output from these facilities will power future Ford and Lincoln EVs.
- SK On / Hyundai Motor Group: In April, these companies publicized their plans to form a joint venture in Bartow County, Ga. The goal of this collaboration is to manufacture batteries for future Hyundai and Kia EVs.
By 2026, across all their plants, SK On and its partners anticipate an impressive production capacity – over 180 GWh annually. This capacity translates to enough battery cells to power approximately 1.5 million new EVs each year.
The Fortune “Change the World” list
SK On’s pioneering approach to domestic EV battery manufacturing has not gone unnoticed. The company was recently included in the prestigious Fortune “Change the World” list, which included Tesla, Chargepoint, and General Motors, a recognition bestowed upon businesses making a significant positive social impact through their core operations. Selection criteria for the list include measurable social impact, business results, and the degree of innovation.
SK On’s contribution to job creation, commitment to a sustainable supply chain, and their innovative partnerships with major automakers all played a part in this noteworthy recognition. Their innovative approach exemplifies how a strategic business model can effectively intersect with societal progression.
Read SK On’s write up on the Fortune “Change the World” list here.
The complete list of companies can be found at https://fortune.com/ranking/change-the-world/2023/.
