SK Innovation-affiliated maker of wet-process lithium-ion battery separators (LiBS)
SK IE Technology
SK IE Technology (SKIET) is a wet-process lithium-ion battery separator (LiBS) maker spun off from SK Innovation in 2019. Its largest customer is sister company SK On, on which it depends for about 80% of revenue, and with US EV demand weak and losses persisting it is diversifying toward ESS and North American and European customers. Q3 2025 revenue was 79 billion won with a 47.2 billion won operating loss.
361610.KS Updated Jul 12, 2026 4 AI consumers
Per the valuechain.wiki graph, SK IE Technology is directly linked to 1 companies (0 supply, 1 revenue, 1 investment relationships) and reaches 11 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Losses continuing (Q3 2025 revenue KRW 79.0bn, operating loss KRW 47.2bn)
- Customer concentration · About 80% dependence on SK On, with diversification underway toward ESS and North American/European customers
- Segments · Lithium-ion battery separator (LiBS)
Revenue from
- SK Innovation (SK On) High confidence· Market share 80% · FY2024-2025 · Approximate revenue dependence on SK On
SK On, a sister company and the largest customer, takes about 80% of separator revenue. As that concentration weighed on results amid the US EV slowdown, SKIET is diversifying.Mentions KO Eugene Investment & Securities Published Jan 29, 2026: SKIET HOLD, target ₩30,000 (Eugene Investment)Confirms EN Businesskorea Published Feb 5, 2025: SKIET's 290 Bil. Won Contract: A Significant Step Toward Diversification and Recovery - 북미 EV 배터리 고객 (비공개) Medium confidence· Count 300,000대 · FY2025 · Separator supply for North American EV batteries (client undisclosed)
Won a contract to supply separators for about 300,000 North American EVs (April 2025); client and size undisclosed, with production planned in Korea or Poland.Confirms EN The Korea Herald Published Apr 10, 2025: SKIET secures battery separator deal in North America - Gotion High-tech Medium confidence
Signed an MOU with Gotion in February 2025 to supply EV and ESS separators in North America and Europe, with verification completed for Gotion's Illinois and Slovakia plants.Confirms EN Batteries News Published Feb 26, 2025: SK IE Technology Partners with Gotion to Expand Battery Separator Supply in North America and Europe
Pays to
- 원재료(폴리에틸렌 등) (비공개) Medium confidence
Key raw materials for wet-process separators such as ultra-high-molecular-weight polyethylene; suppliers and prices undisclosed. - 생산설비·해외 증설 (비공개) Medium confidence
Capital spending on separator line expansion in China, Poland and North America; equipment vendors and detailed amounts undisclosed.Mentions EN The Asia Business Daily Published Oct 31, 2025: SKIET Posts 47.2 Billion Won Operating Loss in Q3... Diversifying Customers Through ESS
Investors
- SK Innovation (SK On) High confidence
SK Innovation is the parent and largest shareholder; SKIET was spun off from SK Innovation and listed in 2019.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Nissan Motor | lead2 | +14.2 | -23 | +30.6 | -25.4 | -11.8 | -17.7 |
| SK Innovation (SK On) | lead1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| SK IE Technology | node | · | -41.9 | +11.1 | -69 | +18.9 | -45.5 |
| SK Innovation (SK On) | benef1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| Daejoo Electronic Materials | benef2 | +98.4 | -2.3 | -19.4 | +48.5 | -25.9 | +7.7 |
| Ronbay Technology | benef2 | +96.6 | -39.1 | -63.6 | +12.3 | +47.7 | -12.9 |
| SKC | benef2 | +18.1 | -31.9 | -19.7 | +104.3 | -25.4 | -19.2 |
| L&F | benef2 | +139.2 | +22.4 | -30.3 | -38.6 | +43.4 | -20.4 |
| Advanced Nano Products | benef2 | +56.8 | +66.4 | +13.9 | -30.9 | +5.5 | -32.8 |
| PNT (People & Technology) | benef2 | +62.2 | +11.6 | -17.8 | +12.2 | +31.1 | -39.8 |
| EcoPro BM | benef2 | +79.2 | +23.9 | +113.5 | -38.6 | +77.1 | -47.6 |
| Enchem | benef2 | · | -37.4 | +173.9 | -20.5 | -26.1 | -76.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
SK IE Technology operates across SK Innovation-affiliated maker of wet-process lithium-ion battery separators (LiBS). After +18.9% in 2025, it corrected -45.5% in 2026. The demand side (avg -8.1%) leads the stock (-45.5%), so customer moves come first here. Q3 2025 revenue was 79 billion won with a 47.2 billion won operating loss.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 0 · Hold 3 · Sell 0 · Avg. target ₩23,333 · Price ₩14,900 (07-10) · Upside +57%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Hanwha Investment & Securities | Hold | ₩21,000 | May 15, 2026 | Report ↗ |
| NH Investment & Securities | Hold | ₩29,000 | Jan 29, 2026 | Report ↗ |
| IBK Investment & Securities | Hold | ₩20,000 | Nov 3, 2025 | Report ↗ |
With weak end-markets, sees only slow improvement near term and points to 2027 for visibility; rates Hold with a KRW 21,000 target.