SK Innovation

Corporate brand

South Korean energy company operating across petroleum, refining, petrochemicals, oil exploration, materials, and electric-vehicle batteries.

Last updated October 17, 2026

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First read: Oct 29, 2026
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Overview

SK Innovation is a South Korean energy and industrial company within SK Group. Its activities cover petroleum refining, petrochemicals, lubricants, oil trading, exploration and production, battery materials, and electric-vehicle batteries. The company is headquartered in Seoul and operates through a portfolio of specialized subsidiaries, including SK Energy, SK Geo Centric, SK On, SK Incheon Petrochem, SK IE Technology, and SK Earthon. The company’s modern structure emerged from the reorganization of SK Corporation’s energy businesses. In 2007, SK Corporation was divided into an energy operating company, SK Energy, and a holding-oriented company, SK Holdings. SK Energy initially carried the group’s refining and chemical activities. In 2011, SK Energy was reorganized as SK Innovation, while key operating businesses were separated into dedicated subsidiaries. SK Energy retained the crude-oil refining business, SK Lubricants was established for lubricants, and SK Global Chemical was formed for chemical operations. These businesses were subsequently rebranded or reorganized, with SK Lubricants becoming SK Enmove and SK Global Chemical becoming SK Geo Centric. Further restructuring followed in 2013. SK Innovation separated its Incheon refinery complex and oil-trading operations into SK Incheon Petrochem and SK Trading International. The company also organized its activities around exploration and production, batteries, and materials. In 2019, its materials division was separated to form SK IE Technology, reflecting the growing strategic importance of battery separators and related materials. Battery manufacturing became one of SK Innovation’s most important growth businesses. The group expanded production capacity in China, the United States, and elsewhere, and developed automotive battery partnerships with global vehicle manufacturers. In September 2021, SK Innovation and Ford announced a joint venture, BlueOval SK, to manufacture batteries for Ford vehicles in Kentucky and Tennessee. On October 1, 2021, SK Innovation completed the formal spin-off of its battery business as SK On, while its oil-exploration business was separated as SK Earthon. SK On subsequently became the group’s principal electric-vehicle battery platform. SK Innovation’s portfolio combines mature hydrocarbon businesses with energy-transition activities. Refining, petroleum products, petrochemicals, lubricants, and exploration remain important parts of its operating base, while batteries, battery materials, and lower-carbon energy technologies represent its principal expansion areas. The company’s structure is therefore closer to that of an energy-sector intermediate holding company than a single-product consumer brand. Its business model depends on integrated operations, subsidiary specialization, international joint ventures, commodity markets, and long-term industrial relationships. The company has also faced operational and legal challenges. A battery manufacturing joint venture in China halted production in early 2017. In the United States, LG Chem accused SK Innovation of misappropriating battery-related trade secrets through the recruitment of former employees. The U.S. International Trade Commission ruled in LG Chem’s favor and issued a limited exclusion order affecting certain SK Innovation battery imports. The dispute was resolved through a settlement under which SK Innovation agreed to pay LG Chem cash and royalties. Despite these difficulties, SK Innovation remains an active South Korean energy company with a diversified portfolio spanning conventional energy, chemicals, exploration, and electric-vehicle technology.

History

SK Innovation traces its corporate origins to 1962 and is part of the broader SK Group. Its present identity was shaped by a series of reorganizations that separated operating businesses from holding and investment functions. In 2007, South Korea’s SK Corporation divided its activities into SK Energy, which handled energy and chemical operations, and SK Holdings, which focused primarily on investment and group-level holdings. This arrangement placed refining and related industrial operations inside SK Energy. In 2011, SK Energy was reorganized and renamed SK Innovation. The restructuring created a parent-level energy company with separately managed operating subsidiaries. SK Energy became the newly established refining company, while SK Lubricants took responsibility for lubricant products and SK Global Chemical managed chemical activities. The reorganization allowed the different businesses to pursue more specialized strategies while remaining connected through the SK Group structure. A second major restructuring occurred in 2013. SK Innovation separated the Incheon refinery complex and its oil-trading activities into SK Incheon Petrochem and SK Trading International. The company subsequently organized its businesses around exploration and production, batteries, and materials, in addition to its established refining, chemical, and lubricant activities. SK Lubricants was later rebranded as SK Enmove, while SK Global Chemical became SK Geo Centric. SK Innovation increasingly pursued battery manufacturing and related materials as part of the energy-transition economy. In 2017, it reported that a Chinese electric-vehicle battery plant had stopped operating after its joint-venture partners halted production. In 2018, the company announced the acquisition of Longfellow Nemaha, a U.S. shale oil and gas company, reinforcing the continuing role of upstream energy in its portfolio. In 2019, SK Innovation separated its materials division to establish SK IE Technology, a company associated with battery materials and separators. The battery business was given a more independent corporate platform in 2021. On October 1, SK Innovation completed the spin-off of its battery operations as SK On. Its oil-exploration activities were also separated as SK Earthon. Earlier that year, SK Innovation and Ford announced BlueOval SK, a joint venture intended to produce batteries for Ford vehicles in Kentucky and Tennessee. These steps reflected SK Innovation’s effort to scale battery manufacturing while retaining refining, petrochemicals, trading, lubricants, and exploration through a group of specialized companies. The company’s expansion into batteries brought a major legal conflict with LG Chem. In 2019, LG Chem accused SK Innovation before the U.S. International Trade Commission of taking battery trade secrets through the recruitment of former employees. LG Chem sought restrictions on imports of SK Innovation batteries and related infrastructure into the United States. The commission ruled for LG Chem and imposed a limited ten-year exclusion order covering certain battery imports. The dispute ultimately ended in a settlement in which SK Innovation agreed to provide LG Chem with cash and royalty payments. Today, SK Innovation functions as an intermediate holding and operating company for a broad energy portfolio. It links conventional hydrocarbon businesses, including refining, chemicals, lubricants, oil trading, and exploration, with newer activities in electric-vehicle batteries and battery materials. Its corporate evolution illustrates the restructuring of a traditional energy group toward a more diversified model in which energy-transition technologies operate alongside established petroleum and chemical businesses.

2021
BlueOval SK battery joint venture is announced
[1]SK Innovationen.wikipedia.org
SK Innovation and Ford announce a joint venture to manufacture batteries for Ford vehicles in Kentucky and Tennessee.
2021
SK On and SK Earthon are launched
[1]SK Innovationen.wikipedia.org
On October 1, SK Innovation completes the spin-off of its battery business as SK On and separates its oil-exploration business as SK Earthon.
2019
SK IE Technology is established
[1]SK Innovationen.wikipedia.org
SK Innovation spins off its materials division and establishes SK IE Technology.
2018
Longfellow Nemaha acquisition is announced
[1]SK Innovationen.wikipedia.org
The company announces its acquisition of U.S. shale oil and gas company Longfellow Nemaha.
2017
Chinese battery plant closure is disclosed
[1]SK Innovationen.wikipedia.org
SK Innovation reports that its Chinese electric-vehicle battery plant has been inactive since January after its joint-venture partners halted production.
2013
Incheon refining and oil trading are separated
[1]SK Innovationen.wikipedia.org
SK Innovation spins off the Incheon refinery complex and oil-trading division, establishing SK Incheon Petrochem and SK Trading International.
2011
SK Innovation is established
[1]SK Innovationen.wikipedia.org
SK Energy is reorganized as SK Innovation, with refining, lubricants, and chemical activities placed into dedicated subsidiaries.
2007
SK Energy is separated from SK Corporation
[1]SK Innovationen.wikipedia.org
SK Corporation divides its energy operating activities from its holding and investment functions, creating SK Energy as the principal energy and chemical operating company.
1962
Corporate origins
[1]SK Innovationen.wikipedia.org
The company’s corporate history begins in 1962 within the business lineage that later became part of SK Innovation and SK Group.

Products and positioning

A diversified South Korean energy and industrial group balancing established refining, petrochemical, lubricant, trading, and exploration businesses with growth in electric-vehicle batteries and battery materials.

Refining and petroleum
SK Energy refined petroleum products
SK Energy operates the group’s core crude-oil refining business and supplies refined petroleum products. The business represents the conventional-energy foundation of SK Innovation’s portfolio and is linked to the company’s wider petroleum trading, storage, and downstream activities.
Petrochemicals
SK Geo Centric petrochemicals
Formerly known as SK Global Chemical, SK Geo Centric manages petrochemical activities within the SK Innovation group. Its operations extend the value of hydrocarbon feedstocks into chemical materials and industrial products used across manufacturing and consumer supply chains.
Lubricants
SK Enmove lubricants
SK Enmove is the rebranded successor to SK Lubricants. It focuses on lubricants and related products, serving automotive, industrial, and machinery applications within SK Innovation’s downstream energy portfolio.
Electric-vehicle batteries · 2021
SK On electric-vehicle batteries
SK On is SK Innovation’s dedicated battery subsidiary, established through the October 2021 spin-off of the battery business. It develops and manufactures lithium-ion batteries for electric vehicles and expands production through international facilities and automotive partnerships.
Battery materials · 2019
SK IE Technology battery materials
SK IE Technology was created in 2019 through the separation of SK Innovation’s materials division. Its activities are associated with battery materials, including separator technologies used in lithium-ion battery cells.
Oil and gas exploration · 2021
SK Earthon exploration and production
SK Earthon operates the group’s oil-exploration and production activities. It represents SK Innovation’s upstream energy platform and was separated from the parent company’s exploration business during the 2021 restructuring.

Controversies

2021
Settlement of the battery trade-secret dispute
SK Innovation agreed to pay LG Chem cash and royalties to settle the dispute and avoid the full commercial impact of the U.S. import exclusion order.
Source
2019
LG Chem trade-secret litigation
LG Chem accused SK Innovation of misappropriating battery trade secrets by recruiting former employees. The dispute was brought before the U.S. International Trade Commission, which ruled for LG Chem and issued a limited exclusion order affecting certain SK Innovation battery imports.
Source
2019
LG Chem files US patent lawsuits against SK Innovation
LG Chem said it filed lawsuits with the U.S. International Trade Commission and the U.S. District Court of Delaware against SK Innovation and its U.S. affiliate, alleging infringement of LG Chem's lithium-ion battery patents. The action was reported as a patent dispute between the two companies in the United States.
Source

2021
Create BlueOval SK with FordM&A
Background
Automakers and battery producers were forming large-scale partnerships to secure electric-vehicle battery capacity.
Action taken
SK Innovation and Ford announced BlueOval SK, a joint venture intended to manufacture batteries in Kentucky and Tennessee for Ford vehicles.
Aftermath
The partnership became a central element of SK Innovation’s North American battery-expansion strategy.
Source
2021
Spin off SK On and SK EarthonStrategy
Background
SK Innovation sought separate operating platforms for its rapidly expanding battery business and its upstream exploration activities.
Action taken
The company completed the spin-off of its battery business as SK On and separated its oil-exploration business as SK Earthon on October 1.
Aftermath
Battery manufacturing and exploration received dedicated management structures while SK Innovation continued as the group-level energy company.
Source
2019
Separate the materials divisionStrategy
Background
Battery materials were becoming a distinct growth area alongside SK Innovation’s refining and chemical operations.
Action taken
SK Innovation spun off its materials division to establish SK IE Technology.
Aftermath
Battery-material activities gained an independent corporate platform within the SK Group ecosystem.
Source
2018
Acquire Longfellow NemahaM&A
Background
SK Innovation sought to expand its upstream oil and gas portfolio in the United States.
Action taken
The company announced the acquisition of U.S. shale oil and gas company Longfellow Nemaha.
Aftermath
The transaction strengthened the group’s exploration and production presence in U.S. shale resources.
Source
2013
Separate Incheon refining and oil tradingStrategy
Background
SK Innovation continued to specialize its operating businesses after the 2011 reorganization.
Action taken
The Incheon refinery complex and oil-trading division were spun off into SK Incheon Petrochem and SK Trading International.
Aftermath
The company’s refining, trading, and other energy operations were managed through a more differentiated subsidiary structure.
Source
2011
Reorganize SK Energy as SK InnovationStrategy
Background
SK Group was separating operating businesses from holding and investment functions while seeking more specialized management for energy and chemical activities.
Action taken
SK Energy was reorganized as SK Innovation, and refining, lubricants, and chemical operations were placed into dedicated subsidiaries.
Aftermath
The restructuring created the parent-company and subsidiary framework that later supported further separations in refining, trading, materials, batteries, and exploration.
Source

Recent events

2021.10.01
Reported2021.10.01
SK Innovation completes battery-business spin-off[4]SK Innovation完成电池业务分拆electrive.com
SK Innovation completed the spin-off of its battery business on 1 October. The independent battery division is called SK On; SK Innovation will manage it as a subsidiary and hold all of its shares.
2021.09.29
Ford announces BlueOval City manufacturing complex[5]福特宣布蓝瓦城制造园区计划citnews.com.cn
Ford announced the BlueOval City plan, including a new manufacturing complex in Stanton, Tennessee, intended to support mass production of electric vehicles. Ford said assembly production is expected to begin in 2025.
2021.09.28
Reported2021.09.28
Ford announces planned electric-vehicle production expansion[6]福特宣布计划扩大电动汽车生产deccanherald.com
Ford announced plans to invest $11.4 billion in electric-vehicle production and build four new plants in Kentucky and Tennessee with SK Innovation. The plants are expected to create 11,000 jobs by 2025.
Unconfirmed
SK Innovation announces plan to spin off battery business[7]SK创新宣布计划分拆电池业务itbear.com.cn
SK Innovation announced a plan to separate its battery business into an independent entity, tentatively named SK Battery. The board approved the plan; the company said the separation was intended to help it focus on the electric-vehicle market.
2021.06.02
Reported2021.06.02
Ford and SK Innovation announce BlueOvalSK joint venture[8]Ford 与 SK Innovation 宣布成立 BlueOvalSK 合资企业thomasnet.com
Ford and SK Innovation announced an agreement to create the BlueOvalSK joint venture to develop and produce battery cells and array modules. The venture is intended to build two factories in North America.
2021.05.20
Reported2021.05.20
Ford announces battery joint venture with SK Innovation[9]福特宣布与SK Innovation成立电池合资企业theverge.com
Ford announced plans to form a joint venture with SK Innovation called BlueOvalSK to manufacture electric-vehicle batteries in the US. The companies signed a memorandum of understanding to create the venture.
2021.04.11
Reported2021.04.12
SK Innovation and LG Energy Solution settle battery dispute[10]SK创新与LG能源解决方案就电池纠纷达成和解finance.sina.com.cn
SK Innovation and LG Energy Solution reached a settlement over their trade dispute. SK Innovation agreed to pay LG Energy Solution 2 trillion won, and the companies agreed to withdraw lawsuits against each other in Korea and overseas and not bring new lawsuits against each other for 10 years.
2021.04.11
Reported2021.04.11
LG Energy Solution and SK Innovation agree to partner[11]LG能源解决方案与SK Innovation达成合作techtimes.com
SK Innovation decided to partner with LG Energy Solution amid a U.S. import ban expected to take effect April 18. The article says LG had accused SK Innovation of illegally using its EV battery technology; SK Innovation denied the accusation.
2021.01.21
Reported2021.01.21
SK Innovation and BPSE agree to cooperate on battery-as-a-service[12]SK Innovation与BPSE同意在电池即服务领域合作koreatimes.co.kr
SK Innovation and BPSE agreed to cooperate in the Battery-as-a-Service business, combining SK Innovation's battery development technology with BPSE's battery-swapping capability.
2021.01.21
Reported2021.01.21
SK Innovation acquires stake in BPSE[12]SK Innovation与BPSE同意在电池即服务领域合作koreatimes.co.kr
SK Innovation acquired a 13.3 percent stake in Blue Park Smart Energy Technology, a Beijing-based battery-swapping company and subsidiary of Beijing Automotive Group.

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