{"slug":"sk-innovation","name":"SK이노베이션(SK온)","name_en":"SK Innovation (SK On)","ticker":"096770.KS","updated_at":"2026-07-12T04:02:58.465+00:00","canonical":"https://valuechain.wiki/sk-innovation","same_as":["https://finance.yahoo.com/quote/096770.KS","https://finance.naver.com/item/main.naver?code=096770"],"citable":"밸류체인 그래프 기준 SK이노베이션(SK온)의 직접 연결 기업은 11곳(관계 기준 공급 10·매출 2·투자 1)이고, 사슬을 2차까지 넓히면 12곳에 닿는다. 링크의 근거 출처는 26건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, SK Innovation (SK On) is directly linked to 11 companies (10 supply, 2 revenue, 1 investment relationships) and reaches 12 companies within two hops; the links are backed by 26 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"EV 배터리 (현대·포드·닛산 공급)","kicker_en":"EV batteries (supplies Hyundai, Ford, Nissan)","lead":"SK이노베이션의 배터리 자회사 SK온은 하이니켈 파우치형 EV 배터리를 만들어 현대차·포드·폭스바겐·닛산 등에 공급한다. 2025년 배터리 부문 매출은 6조9,800억원, 영업손실은 9,319억원으로 미국 보조금 축소와 가동률 저하로 적자가 이어졌다. 모회사 SK이노베이션의 2025년 연결 매출은 80조3,000억원이다.","lead_en":"SK On, the battery subsidiary of listed SK Innovation, makes high-nickel pouch EV cells for Hyundai, Ford, Volkswagen and Nissan. FY2025 battery revenue was KRW 6.98 trillion with an operating loss of KRW 931.9 billion, as cuts to US subsidies and low utilization deepened losses. Parent SK Innovation reported FY2025 consolidated revenue of KRW 80.3 trillion.","segments":{"parts":[{"desc":"하이니켈 파우치 EV 배터리(현대·포드·닛산·VW) — 미 보조금 축소·저가동률로 2025년 영업손실 9,319억, 흑전이 관건인 축.","name":"배터리 (SK온)"},{"desc":"정유 사업 — 매출의 큰 비중을 차지하며 배터리 적자를 떠받치는 현금 기반.","name":"석유 (정유)"},{"desc":"석유화학 — 정유와 묶인 다운스트림 축.","name":"화학"},{"desc":"윤활유 — 고마진 안정 축.","name":"윤활유"}],"total":"SK이노베이션 FY2025 연결 매출 ₩80.3조 (배터리 SK온 ₩6.98조)","concentration":"배터리 부문 적자 지속, 정유 매출 비중 큼"},"segments_en":{"parts":[{"desc":"High-nickel pouch EV cells (Hyundai, Ford, Nissan, VW) — a segment posting a KRW 931.9bn 2025 operating loss on subsidy cuts and low utilization, where turning profitable is the swing.","name":"Battery (SK On)"},{"desc":"Refining — the large revenue share and cash base carrying the battery losses.","name":"Refining"},{"desc":"Petrochemicals — a downstream axis linked to refining.","name":"Petrochemical"},{"desc":"Lubricants — a high-margin stable axis.","name":"Lubricants"}],"total":"SK Innovation FY2025 consol. revenue ₩80.3tn (battery/SK On ₩6.98tn)","concentration":"Battery segment loss-making; refining dominates revenue"},"returns_yearly":{"2021":-22.9,"2022":-22.4,"2023":-26.2,"2024":8.9,"2025":-10.6,"2026":-8.1},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":1,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"nissan-motor","name":"닛산자동차","name_en":"Nissan Motor","tier":1,"returns_yearly":{"2021":14.2,"2022":-23,"2023":30.6,"2024":-25.4,"2025":-11.8,"2026":-17.7}}],"benefiting":[{"slug":"daejoo-electronic","name":"대주전자재료","name_en":"Daejoo Electronic Materials","tier":1,"returns_yearly":{"2021":98.4,"2022":-2.3,"2023":-19.4,"2024":48.5,"2025":-25.9,"2026":7.7}},{"slug":"ronbay","name":"룽바이커지(容百科技)","name_en":"Ronbay Technology","tier":1,"returns_yearly":{"2021":96.6,"2022":-39.1,"2023":-63.6,"2024":12.3,"2025":47.7,"2026":-12.9}},{"slug":"skc","name":"SKC","name_en":"SKC","tier":1,"returns_yearly":{"2021":18.1,"2022":-31.9,"2023":-19.7,"2024":104.3,"2025":-25.4,"2026":-19.2}},{"slug":"landf","name":"엘앤에프","name_en":"L&F","tier":1,"returns_yearly":{"2021":139.2,"2022":22.4,"2023":-30.3,"2024":-38.6,"2025":43.4,"2026":-20.4}},{"slug":"advanced-nano-products","name":"나노신소재","name_en":"Advanced Nano Products","tier":1,"returns_yearly":{"2021":56.8,"2022":66.4,"2023":13.9,"2024":-30.9,"2025":5.5,"2026":-32.8}},{"slug":"pnt","name":"피엔티","name_en":"PNT (People & Technology)","tier":1,"returns_yearly":{"2021":62.2,"2022":11.6,"2023":-17.8,"2024":12.2,"2025":31.1,"2026":-39.8}},{"slug":"skiet","name":"SK아이이테크놀로지(SKIET)","name_en":"SK IE Technology","tier":1,"returns_yearly":{"2022":-41.9,"2023":11.1,"2024":-69,"2025":18.9,"2026":-45.5}},{"slug":"ecopro-bm","name":"에코프로비엠","name_en":"EcoPro BM","tier":1,"returns_yearly":{"2021":79.2,"2022":23.9,"2023":113.5,"2024":-38.6,"2025":77.1,"2026":-47.6}},{"slug":"enchem","name":"엔켐","name_en":"Enchem","tier":1,"returns_yearly":{"2022":-37.4,"2023":173.9,"2024":-20.5,"2025":-26.1,"2026":-76.7}},{"slug":"ecopro-materials","name":"에코프로머티리얼즈","name_en":"EcoPro Materials","tier":2,"returns_yearly":{"2024":-52.5,"2025":-4.9,"2026":-43.6}},{"slug":"ecopro","name":"에코프로","name_en":"Ecopro","tier":3,"returns_yearly":{"2021":-5.1,"2022":94.5,"2023":309.5,"2024":-39.2,"2025":172.1,"2026":-47.1}}],"analysis":"SK이노베이션의 논지는 정유 현금흐름이 배터리(SK온) 적자와 증설을 버티는 구조와, 그 배터리가 흑자로 돌아설 시점이다. SK온은 하이니켈 파우치 셀을 현대·포드·폭스바겐·닛산에 공급하지만, 미국 보조금 축소와 가동률 저하로 2025년 배터리 영업손실 9,319억원을 냈다 — 실적의 방향은 북미 가동률과 보조금(AMPC) 정책이 가른다. 포드 합작 BlueOval SK 청산(테네시 1공장 SK온 인수)·현대 조지아 합작(2026 양산)·닛산 켄터키 15조원 계약이 북미 캐파의 다음 축이나 EV 수요 둔화로 이행 불확실성이 있다. 공급망은 에코프로비엠·엘앤에프(양극재)·SKIET(분리막, 계열)·엔켐(전해액)·SK넥실리스(동박)로 계열·국내 의존이 크다. 재평가 트리거는 SK온 흑자 전환, 북미 EV·보조금 사이클, 그리고 정유 마진이다.","analysis_en":"SK Innovation's thesis is the structure where refining cash flow sustains the battery (SK On) losses and expansion, and the timing of that battery turning profitable. SK On supplies high-nickel pouch cells to Hyundai, Ford, Volkswagen and Nissan, but cuts to US subsidies and low utilization drove a KRW 931.9bn battery operating loss in 2025 — the direction of results is set by North American utilization and subsidy (AMPC) policy. The dissolution of the Ford JV BlueOval SK (SK On taking the Tennessee plant), the Hyundai Georgia JV (2026 production) and the KRW 15tn Nissan Kentucky deal are the next axes of North American capacity, though slowing EV demand brings execution risk. Its supply chain leans heavily on affiliates and domestic names — EcoPro BM and L&F (cathodes), SKIET (separators, in-group), Enchem (electrolyte) and SK Nexilis (copper foil). Re-rating triggers are SK On's return to profit, the North American EV/subsidy cycle, and refining margins.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"SKIET","counterparty_slug":"skiet","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2024-01-01","basis":"SKIET 매출 중 SK온 비중","value":70,"period":"역사적","basis_en":"SKIET sales share to SK On"},"note":"SK이노베이션 계열 분리막 자회사. SK온은 SKIET에서 LiBS 분리막을 공급받으며, SKIET 매출의 약 70%가 계열 SK온 의존.","note_en":"SK Innovation's in-group separator subsidiary. SK On sources LiBS separators from SKIET, which historically derived ~70% of sales from SK On.","sources":[{"stance":"confirms","publisher":"비즈니스포스트","publisher_en":"Business Post","kind":"news","lang":"ko","published_at":"2024-05-01","url":"https://www.businesspost.co.kr/BP?command=article_view&num=420621","title":"SK의 아픈 손가락 SKIET","title_en":"SKIET, SK's troubled affiliate","excerpt":"SKIET ... 매출의 70%를 계열사 SK온에 의존","excerpt_en":"SKIET depended on affiliate SK On for 70% of sales"},{"stance":"confirms","publisher":"SK이노베이션 뉴스룸","publisher_en":"SK Innovation Newsroom","kind":"ir","lang":"ko","published_at":"2024-04-01","url":"https://skinnonews.com/archives/122554","title":"SKIET, 북미에 전기차 최대 30만대 분량 분리막 원단 공급","title_en":"SKIET to supply North America with separator film for up to 300k EVs","excerpt":"북미 ... 전기차 최대 30만대 분량 분리막 원단 공급","excerpt_en":"supply separator base film for up to 300,000 EVs in North America"}]},{"direction":"cost","counterparty":"엘앤에프","counterparty_slug":"landf","confidence":"high","metric":{"type":"contract_value","unit":"KRW trillion","as_of":"2024-03-25","basis":"하이니켈 양극재 공급계약","value":13.19,"period":"2024~2030","basis_en":"high-nickel cathode supply contract"},"note":"SK온향 하이니켈 양극재 장기 공급. 2025년 사업보고서에는 2024년 체결 13.19조원 계약(2030년말)과 과거 2021년 1.22조원 계약의 연속선상에서 관계가 제시된다.","note_en":"Long-term high-nickel cathode supplier to SK On. The FY2025 annual report presents the relationship via a KRW 13.19tn contract signed in 2024 through end-2030, extending an earlier KRW 1.22tn contract from 2021.","sources":[{"stance":"confirms","publisher":"엘앤에프","publisher_en":"L&F","kind":"filing","lang":"ko","published_at":"2026-03-17","url":"https://file.irgo.co.kr/data/IRPAGE/BIZ_REPORT/8f915e2b-f173-476f-bb25-e85755cd08a1.pdf","title":"사업보고서 (2025년)","title_en":"Annual report (FY2025)","excerpt":"SK온 ... 하이니켈 양극재 공급계약체결 ... 2024.03.25 ... 6년 7개월 ... 13,191,047,267","excerpt_en":"SK On ... high-nickel cathode supply contract ... 2024-03-25 ... 6 years 7 months ... 13,191,047,267 (KRW thousand)"},{"stance":"confirms","publisher":"딜사이트","publisher_en":"Dealsite","kind":"news","lang":"ko","published_at":"2024-06-10","url":"https://dealsite.co.kr/articles/107517","title":"SK온 양극재 협력사 엘앤에프","title_en":"SK On cathode supplier L&F","excerpt":"1조2176억원 규모의 NCM 양극재 공급 계약을 체결했으며, 올해 12월 말 만료 예정","excerpt_en":"signed a KRW 1.2176tn NCM cathode contract, expiring end of this December"}]},{"direction":"revenue","counterparty":"Ford (BlueOval SK)","counterparty_slug":null,"confidence":"high","metric":{"type":"investment","unit":"USD billion","as_of":"2025-12-16","basis":"JV 총 투자(청산 합의 2025-12)","value":11.4,"period":"2021~","basis_en":"JV investment (dissolution agreed Dec 2025)"},"note":"포드와 2021년 설립한 약 114억 달러 합작사 BlueOval SK는 2025년 양산 개시. 2025년 12월 청산 합의로 포드는 켄터키 2공장, SK온은 테네시 1공장 인수.","note_en":"BlueOval SK, the ~$11.4B 50:50 JV with Ford (est. 2021), began production in 2025. In Dec 2025 the partners agreed to dissolve it: Ford keeps two Kentucky plants, SK On takes the Tennessee plant.","sources":[{"stance":"confirms","publisher":"유틸리티다이브","publisher_en":"Utility Dive","kind":"news","lang":"en","published_at":"2025-12-16","url":"https://www.utilitydive.com/news/ford-skon-dissolving-blueoval-sk-ev-battery-joint-venture/808012/","title":"포드·SK온, 배터리 합작사 BlueOval SK 청산","title_en":"Ford, SK On dissolving BlueOval SK battery joint venture","excerpt":"SK On is committed to the Tennessee plant long-term","excerpt_en":"SK On is committed to the Tennessee plant long-term"},{"stance":"confirms","publisher":"일렉트리브","publisher_en":"electrive","kind":"news","lang":"en","published_at":"2025-12-12","url":"https://www.electrive.com/2025/12/12/sk-on-and-ford-split-us-battery-venture/","title":"SK온·포드, 미국 배터리 합작 분할","title_en":"SK On and Ford split US battery venture","excerpt":"Ford and SK On split US battery venture amid low EV demand","excerpt_en":"Ford and SK On split US battery venture amid low EV demand"}]},{"direction":"cost","counterparty":"에코프로비엠","counterparty_slug":"ecopro-bm","confidence":"high","metric":{"type":"contract_value","unit":"KRW trillion","as_of":"2021-09-08","basis":"하이니켈 NCM 양극재 공급","value":10.11,"period":"2024~2026","basis_en":"high-nickel NCM cathode supply"},"note":"SK온 최대 양극재 협력사다. EV용 하이니켈 NCM 양극재를 2024~2026년 10조1,102억원 규모로 공급하고, 포드와 함께 캐나다 양극재 합작으로 북미 공급망도 공동 구축한다.","note_en":"A top cathode partner of SK On. Supplies KRW 10.11tn of EV high-nickel NCM cathodes for 2024-2026 and is also building a Canadian cathode JV with Ford for the North American supply chain.","sources":[{"stance":"confirms","publisher":"에코프로비엠","publisher_en":"EcoPro BM","kind":"filing","lang":"ko","published_at":"2025-11-14","url":"https://kind.krx.co.kr/external/2025/11/14/000821/20251114001819/11013.htm","title":"분기보고서 (2025년 3분기)","title_en":"Quarterly report (Q3 2025)","excerpt":"계약 목적 및 내용: EV용 하이니켈 양극재(NCM) 판매계약 / 계약기간 2024.01.01 ~ 2026.12.31 / 계약금액 10,110,232,000,000원","excerpt_en":"Purpose: EV high-nickel NCM cathode sales contract / term: 2024-01-01 to 2026-12-31 / contract value: KRW 10,110,232,000,000"},{"stance":"confirms","publisher":"딜사이트","publisher_en":"Dealsite","kind":"news","lang":"ko","published_at":"2024-06-10","url":"https://dealsite.co.kr/articles/107517","title":"SK온 양극재 협력사 엘앤에프","title_en":"SK On cathode supplier L&F","excerpt":"2024년부터 2026년까지는 4배에 달하는 10조1110억원 규모의 양극재를 공급","excerpt_en":"for 2024–2026 will supply ~KRW 10.11tn of cathode, quadruple the prior period"},{"stance":"confirms","publisher":"전기신문","publisher_en":"Electric Times","kind":"news","lang":"ko","published_at":"2023-08-01","url":"https://www.electimes.com/news/articleView.html?idxno=307007","title":"SK온-에코프로비엠-포드, 북미 양극재 생산시설 공동 투자","title_en":"SK On–Ecopro BM–Ford co-invest in North American cathode plant","excerpt":"북미에서 양극재 생산 시설을 구축하는데 공동 투자","excerpt_en":"co-invest to build cathode production facilities in North America"},{"stance":"confirms","publisher":"KED글로벌","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2023-03-23","url":"https://www.kedglobal.com/batteries/newsView/ked202303230027","title":"SK온·에코프로·GEM, 전구체 공장 공동 설립","title_en":"SK On, EcoPro, China's GEM to jointly build precursor factory","excerpt":"에코프로는 한국 공장에서 만든 전구체로 양극재를 생산해 SK온의 전 세계 배터리 공장에 공급할 예정이다.","excerpt_en":"EcoPro will make cathodes with precursors from the Korean factory and supply them to SK On’s battery factories around the world."}]},{"direction":"revenue","counterparty":"Nissan","counterparty_slug":"nissan-motor","confidence":"mid","metric":{"type":"capacity","unit":"GWh","as_of":"2025-03-20","basis":"고니켈 배터리 공급(약 15조원)","value":99.4,"period":"2028~2033","basis_en":"high-nickel battery supply (~KRW 15tn)"},"note":"2025년 SK배터리아메리카가 닛산 미국법인과 99.4GWh, 약 15조원 규모 EV 배터리 공급계약(2028~2033, 켄터키). 닛산 EV 지연으로 이행 불확실성 보도.","note_en":"In 2025 SK Battery America signed a 99.4 GWh, ~KRW 15tn supply deal with Nissan's US arm (2028–2033, Kentucky); execution risk reported as Nissan delayed EV plans.","sources":[{"stance":"contradicts","publisher":"블루밍비트","publisher_en":"Bloomingbit","kind":"news","lang":"en","published_at":"2025-09-01","url":"https://en.bloomingbit.io/feed/news/111314","title":"SK온 닛산 배터리 계약 취소 위험","title_en":"SK On's $10.9 Billion Nissan Battery Deal Faces Cancellation Risk","excerpt":"Nissan notified ... it would withdraw its EV production plan for the Canton plant","excerpt_en":"Nissan notified ... it would withdraw its EV production plan for the Canton plant"},{"stance":"confirms","publisher":"KED글로벌","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2025-03-20","url":"https://www.kedglobal.com/batteries/newsView/ked202503200002","title":"SK온, 닛산에 100GWh EV 배터리 공급","title_en":"SK On to supply 100 GWh of EV batteries to Nissan","excerpt":"supply Nissan with 99.4 GWh of high-performance, high-nickel batteries from 2028 to 2033","excerpt_en":"supply Nissan with 99.4 GWh of high-performance, high-nickel batteries from 2028 to 2033"}]},{"direction":"cost","counterparty":"SK아이이테크놀로지(SKIET)","counterparty_slug":"skiet","confidence":"mid","metric":{"type":"share","unit":"%","as_of":"2025-02-05","basis":"SKIET 매출 중 SK온 비중(약)","value":80,"period":"FY2024-2025","basis_en":"Approximate SK On share of SKIET revenue"},"note":"SK온은 배터리 분리막을 계열사 SKIET에서 조달한다. SKIET 매출의 약 80%가 SK온향이다.","note_en":"SK On sources battery separators from sister company SKIET, which takes about 80% of SKIET's revenue.","sources":[{"stance":"confirms","publisher":"비즈니스코리아","publisher_en":"Businesskorea","kind":"news","lang":"en","published_at":"2025-02-05","url":"https://www.businesskorea.co.kr/news/articleView.html?idxno=234897","title":"SKIET's 290 Bil. Won Contract: A Significant Step Toward Diversification and Recovery","title_en":"SKIET's 290 Bil. Won Contract: A Significant Step Toward Diversification and Recovery","excerpt":"SKIET 매출의 약 80%가 SK온향으로, 회사는 이 의존도를 낮추기 위해 다변화를 추진한다.","excerpt_en":"About 80% of SKIET's revenue goes to SK On, and the company is diversifying to reduce that dependence."}]},{"direction":"revenue","counterparty":"현대차그룹","counterparty_slug":"hyundai-motor-company","confidence":"mid","metric":{"type":"investment","unit":"USD billion","as_of":"2024-05-29","basis":"50:50 JV, 약 30만대/년","value":5,"period":"2026~","basis_en":"50:50 JV, ~300k EVs/yr"},"note":"조지아 바토우 카운티 약 50억 달러 규모 50:50 배터리셀 합작공장 추진, 2026년 양산 예정(현대·기아·제네시스 EV용).","note_en":"Building a ~$5B 50:50 battery-cell JV in Bartow County, Georgia, targeting 2026 production for Hyundai/Kia/Genesis EVs.","sources":[{"stance":"confirms","publisher":"매뉴팩처링다이브","publisher_en":"Manufacturing Dive","kind":"news","lang":"en","published_at":"2024-05-29","url":"https://www.manufacturingdive.com/news/Hyundai-SK-On-plan-5B-Georgia-EV-battery-joint-venture/648576/","title":"현대차·SK온, 50억달러 조지아 배터리 공장 계획","title_en":"Hyundai and SK On plan $5B Georgia EV battery plant","excerpt":"each take a 50% stake ... to supply the automaker US production facilities","excerpt_en":"each take a 50% stake ... to supply the automaker US production facilities"}]},{"direction":"cost","counterparty":"엔켐","counterparty_slug":"enchem","confidence":"mid","metric":{"basis":"미국 향 전해액 공급, 물량·금액 비공개","basis_en":"US electrolyte supply, volume/value undisclosed","qualifier":"confirmed_no_disclosed_value"},"note":"국내 1위 전해액 업체. SK온의 미국 합작공장 향 전해액 공급 확대, 조지아 공장을 연 4만톤→20만톤으로 증설.","note_en":"Korea's top electrolyte maker; expanding electrolyte supply to SK On's US plants, scaling its Georgia plant from 40kt to 200kt/yr.","sources":[{"stance":"confirms","publisher":"테크월드","publisher_en":"TechWorld (EPNC)","kind":"news","lang":"ko","published_at":"2026-04-06","url":"https://www.epnc.co.kr/news/articleView.html?idxno=330836","title":"[TECH한주] K-배터리 혈맥을 잇다…전해액 글로벌 거물로 우뚝 선 '엔켐'의 질주","title_en":"Enchem's rise as a global electrolyte power","excerpt":"엔켐 조지아 공장이 SK온 조지아 공장에 전해액 초도 납품을 시작했다.","excerpt_en":"Enchem's Georgia plant began first electrolyte deliveries to SK On's Georgia plant."},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2024-12-01","url":"https://www.thelec.kr/news/articleView.html?idxno=25553","title":"엔켐, 북미서 SK온·LG엔솔 등 글로벌 배터리 제조사에 전해액 납품 중","title_en":"Enchem supplies electrolyte to SK On, LGES and other global battery makers in North America","excerpt":"엔켐은 조지아 공장에서 테슬라, SK온, 얼티엄셀즈 등 글로벌 주요 배터리 제조사에 전해액을 공급한다.","excerpt_en":"From its Georgia plant Enchem supplies electrolyte to major global battery makers including Tesla, SK On and Ultium Cells."},{"stance":"confirms","publisher":"엔켐","publisher_en":"Enchem","kind":"filing","lang":"ko","published_at":"2024-11-15","url":"https://money2.daishin.com/html/Notice/2024/downloads/enchem1115_02.pdf","title":"엔켐 투자설명서","title_en":"Enchem securities prospectus","excerpt":"LG에너지솔루션, SK온의 미국 합작공장 ... 전해액 공급 확대","excerpt_en":"expanding electrolyte supply to the US JV plants of LG Energy Solution and SK On"}]},{"direction":"cost","counterparty":"룽바이커지(容百科技)","counterparty_slug":"ronbay","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"SK온은 2024년 3월 룽바이커지(容百科技)와 삼원계·인산망간철리튬(LMFP) 양극재 협력 MOU를 맺고 룽바이 소재 도입을 추진한다. 룽바이는 한국 충주 자회사 재세능원(연 7만톤)으로 한국 셀 메이커 인접 공급 체계를 갖췄다. 대량 상업공급 확정 전 단계다.","note_en":"SK On signed an MOU with Ronbay Technology in March 2024 covering ternary and LMFP cathodes, moving toward adopting Ronbay materials. Ronbay operates Korean subsidiary JAESE in Chungju (70kt/yr) close to Korean cell makers. Large-scale commercial supply is not yet confirmed.","sources":[{"stance":"confirms","publisher":"디일렉(THE ELEC)","publisher_en":"THE ELEC","kind":"news","lang":"ko","published_at":"2025-04-01","url":"https://www.thelec.kr/news/articleView.html?idxno=54237","title":"재세능원, 충주에 양극재 3공장 가동","title_en":"JAESE (Jaese Energy) starts up 3rd cathode plant in Chungju","excerpt":"충주 외국인산업단지에서 3공장 가동식을 열고 신규 생산시설 운영을 시작했다……연간 7만톤(t) 규모 양극재 생산체계를 구축했다……배터리와 완성차 업체를 대상으로 소재 공급 역량을 강화한다.","excerpt_en":"Held a 3rd-plant startup ceremony in Chungju's foreign industrial complex, building a 70,000-t/yr cathode production system to strengthen material supply to battery and automaker customers."},{"stance":"confirms","publisher":"中国证券报·中证网","publisher_en":"China Securities Journal (cs.com.cn)","kind":"news","lang":"zh","published_at":"2024-03-26","url":"https://www.cs.com.cn/ssgs/gsxw/202403/t20240326_6397164.html","title":"容百科技：与SK On签署合作备忘录 围绕三元和磷酸锰铁锂正极领域开展合作","title_en":"Ronbay signs MOU with SK On on ternary and LMFP cathode cooperation","excerpt":"公司近日与SK On Co., Ltd.签署《合作备忘录》，双方将围绕三元和磷酸锰铁锂正极领域，开展全面深度的合作，包括但不限于技术合作、产品开发和产品销售等……公司产品材料将导入SK On及其终端客户。","excerpt_en":"The company signed an MOU with SK On Co., Ltd. for full, deep cooperation in ternary and LMFP cathodes—including technical cooperation, product development and sales; Ronbay materials will be introduced into SK On and its end customers."},{"stance":"confirms","publisher":"Yicai Global","publisher_en":"Yicai Global","kind":"news","lang":"en","published_at":"2024-01-01","url":"https://www.yicaiglobal.com/news/chinas-ronbay-to-invest-usd362-million-to-build-two-battery-materials-plants-in-south-korea","title":"China's Ronbay to Invest USD362 Million to Build Two Battery Materials Plants in South Korea","title_en":"China's Ronbay to Invest USD362 Million to Build Two Battery Materials Plants in South Korea","excerpt":"Ningbo Ronbay New Energy Technology will spend CNY2.6 billion (USD362 million) to construct two battery materials factories in Chungju, South Korea… to better meet demand from South Korean battery giants and to expand its footprint overseas.","excerpt_en":"Ningbo Ronbay New Energy Technology will spend CNY2.6 billion (USD362 million) to construct two battery materials factories in Chungju, South Korea, to better meet demand from South Korean battery giants."}]},{"direction":"investment","counterparty":"SK아이이테크놀로지(SKIET)","counterparty_slug":"skiet","confidence":"mid","metric":null,"note":"SK이노베이션은 SKIET를 물적분할해 상장시킨 모회사로 최대주주다.","note_en":"SK Innovation is SKIET's parent and largest shareholder, having spun it off and listed it.","sources":[{"stance":"confirms","publisher":"한국거래소 KIND","publisher_en":"KRX KIND","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://kind.krx.co.kr/common/disclsviewer.do?acptno=20260316001797&docno=&method=search","title":"SK아이이테크놀로지 사업보고서","title_en":"SK IE Technology business report","excerpt":"사업보고서상 SK이노베이션이 SKIET의 최대주주인 모회사로 기재돼 있다.","excerpt_en":"The filing lists SK Innovation as SKIET's parent and largest shareholder."}]},{"direction":"revenue","counterparty":"Volkswagen Group","counterparty_slug":null,"confidence":"mid","metric":{"basis":"유럽 OEM 지속 공급, 계약 금액 비공개","basis_en":"ongoing European OEM supply, value undisclosed","qualifier":"confirmed_no_disclosed_value"},"note":"헝가리 공장에서 폭스바겐 ID.7, 아우디 Q4 e-tron 등에 배터리 공급. 2025년 SK온 탑재 유럽 EV 판매 증가.","note_en":"Supplies cells from Hungary to VW (ID.7) and Audi (Q4 e-tron); SK On-fitted European EV sales rose in 2025.","sources":[{"stance":"confirms","publisher":"아거스","publisher_en":"Argus Media","kind":"news","lang":"en","published_at":"2025-08-01","url":"https://www.argusmedia.com/en/news-and-insights/latest-market-news/2716035-sk-innovation-s-battery-unit-posts-higher-2q-revenue","title":"SK온, 유럽 VW·아우디 향 매출 증가","title_en":"SK Innovation battery unit posts higher 2Q revenue","excerpt":"led by Volkswagen ID.7 and Audi Q4 e-tron","excerpt_en":"led by Volkswagen ID.7 and Audi Q4 e-tron"}]},{"direction":"cost","counterparty":"동박 3사 (SK넥실리스·롯데·솔루스)","counterparty_slug":null,"confidence":"mid","metric":{"basis":"다자 동박 조달, 개별 금액 비공개","basis_en":"multi-vendor foil sourcing, values undisclosed","qualifier":"confirmed_no_disclosed_value"},"note":"음극 집전체용 동박을 국내 동박 3사(SK넥실리스/SKC, 롯데에너지머티리얼즈, 솔루스첨단소재)에서 조달. 개별 계약금액은 비공개.","note_en":"Sources anode-side copper foil from Korea's three foil makers (SK Nexilis/SKC, Lotte Energy Materials, Solus); per-deal values undisclosed.","sources":[{"stance":"confirms","publisher":"SKC","publisher_en":"SKC","kind":"ir","lang":"ko","published_at":"2024-01-01","url":"https://www.skc.co.kr/kor/Conmmunication/news/newsDetail.do?seq=1508","title":"SK넥실리스, 노스볼트와 중장기 동박 공급 계약","title_en":"SK Nexilis signs mid/long-term copper foil supply contract","excerpt":"최대 1조4000억원 규모 ... 5년 간 동박을 공급","excerpt_en":"supply copper foil for 5 years, up to KRW 1.4tn"}]},{"direction":"cost","counterparty":"대주전자재료","counterparty_slug":"daejoo-electronic","confidence":"mid","metric":null,"note":"SK온은 대주전자재료로부터 실리콘 음극재를 조달한다(2024년 1분기 공급 개시).","note_en":"SK On sources silicon anode material from Daejoo Electronic Materials, with supply beginning in Q1 2024.","sources":[{"stance":"confirms","publisher":"톱데일리","publisher_en":"Topdaily","kind":"news","lang":"ko","published_at":"2023-11-14","url":"https://www.topdaily.kr/articles/95544","title":"대주전자재료, 'SK온 공급'의 의미","title_en":"What Daejoo's 'SK On supply' means","excerpt":"대주전자재료가 2024년 1분기부터 SK온에 실리콘 음극재를 공급할 예정이라고 밝혔다.","excerpt_en":"Daejoo Electronic Materials said it would begin supplying silicon anode to SK On from Q1 2024."}]},{"direction":"cost","counterparty":"SKC","counterparty_slug":"skc","confidence":"mid","metric":null,"note":"SK온(SK이노베이션 배터리 부문)은 동박을 계열사 SK넥실리스(SKC 자회사)에서 상당 부분 조달한다. 동박은 배터리 셀 원가의 약 10%다.","note_en":"SK On (SK Innovation's battery arm) sources a large share of its copper foil from affiliate SK Nexilis (SKC subsidiary); copper foil is about 10% of cell cost.","sources":[{"stance":"confirms","publisher":"시사저널e","publisher_en":"Sisajournal-e","kind":"news","lang":"ko","published_at":"2025-07-25","url":"https://www.sisajournal-e.com/news/articleView.html?idxno=413715","title":"LG·SK 배터리 동맹 복원하나 4조원 규모 동박 계약 논의","title_en":"Reviving the LG-SK battery alliance? Talks on a KRW 4tn copper foil deal","excerpt":"SK넥실리스의 주요 고객사로 계열사 SK온이 꼽히며, 동박은 셀 원가의 약 10%를 차지한다.","excerpt_en":"Affiliate SK On is cited as a major SK Nexilis customer, with copper foil about 10% of cell cost."}]},{"direction":"cost","counterparty":"피엔티","counterparty_slug":"pnt","confidence":"mid","metric":null,"note":"SK온(SK이노베이션)은 피엔티 전극공정 롤투롤 장비를 도입한 국내 배터리 3사 고객이다. 증설 capex의 일부가 장비 발주로 나간다.","note_en":"SK On (SK Innovation) is one of Korea's three cell makers that adopted PNT's roll-to-roll electrode-process equipment; part of its expansion capex flows into equipment orders.","sources":[{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2023-10-25","url":"https://www.newspim.com/news/view/20231025000204","title":"피엔티, 올해 수주잔고 약 2조원 예상","title_en":"PNT expects about KRW 2 trillion order backlog this year","excerpt":"피엔티의 주요 고객사에 SK이노베이션(SK온)이 포함된다.","excerpt_en":"PNT's major customers include SK Innovation (SK On)."}]},{"direction":"cost","counterparty":"나노신소재 (CNT 도전재)","counterparty_slug":"advanced-nano-products","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"CNT 도전재 조달처(양극·음극).","note_en":"CNT conductive-additive supplier (cathode/anode).","sources":[{"stance":"mentions","publisher":"파이낸스스코프","publisher_en":"Finance Scope","kind":"news","lang":"ko","published_at":"2024-11-07","url":"https://www.finance-scope.com/article/view/scp202411070013","title":"나노신소재, LG엔솔·삼성SDI 납품 위한 미국·폴란드 CNT 공장","title_en":"Advanced Nano Products builds US and Poland CNT plants to supply LG and Samsung SDI","excerpt":"나노신소재 CNT 도전재 채택.","excerpt_en":"Uses Nano-Products CNT additives."}]}]}