SK Innovation Announced the Merger of SK On and SK Enmove

SK Innovation, a private energy company, has announced the merger of SK On, its electric vehicle battery subsidiary, with SK Enmove, known for lubricants and immersion cooling solutions, alongside a major capital expansion initiative. This business and financial restructuring is part of SK Innovation’s strategy to become a leading total energy company with top-tier competitiveness in the future era of electrification. 

The boards of SK Innovation, SK On, and SK Enmove convened to approve the merger of SK On and SK Enmove. As a result, SK On would absorb SK Enmove, with the newly merged entity officially launching on November 1st 2025. This merger is expected to generate additional revenue through synergies between the two companies’ customers and businesses, while significantly strengthening financial stability.  

Specifically, SK On’s core business areas, such as electric vehicle (EV) batteries and energy storage system (ESS) batteries, alongside SK Enmove’s base oil, lubricants, immersion cooling, and EV air conditioning refrigerants, are expected to benefit from leveraging the same customer base and cross-selling products, thereby increasing revenue.? 

Lee Seok-hee, CEO of SK On, stated, “With the expected synergies from the merger, including the integration of both companies’ technological and business capabilities, we anticipate showcasing a higher level of competitiveness in the global market.” 

Jang Yong-ho, Executive President of SK Innovation, stated, “SK Innovation is committed to transforming into a company that combines profitability with growth potential, all built on a stable financial foundation. Through these efforts, we aim to boost our corporate value and actively increase benefits for our shareholders.”