SK On has secured the top position in the ‘World’s Most Innovative Companies’ list published by the prominent American economic magazine Fortune. This marks the highest rank ever for a global battery manufacturer.
On September 27, Fortune revealed the ‘2023 World’s Most Innovative Companies’ list, naming SK On alongside major automotive players like Tesla, General Motors, and EV charging company ChargePoint as ‘those leading electrification in America,’ jointly placing them at number one.
Since 2015, Fortune has evaluated companies based on their positive social and environmental impact, business performance, and innovation, releasing a ranking of around 50 innovative companies each year.
This year, out of approximately 250 candidates, a total of 59 companies were recognized as innovative. From Asia, SK On was among 7 companies that made the list, alongside other global giants such as Walmart (3rd), Apple (15th), and Microsoft (24th).
As the only Korean company selected this year, SK On became the first battery manufacturer in Korea to make it onto Fortune’s list of ‘World’s Most Innovative Companies.’
Moreover, securing the joint first place signifies that SK On has achieved the highest rank among global battery manufacturers to date. Previously, Sweden’s Northvolt ranked 8th in 2022, and China’s BYD ranked 3rd in 2019.
Fortune noted that the four companies that ranked jointly at number one for innovation are at the forefront of electric vehicle innovation, one of the global Net Zero missions, and lead electrification in America, the country most familiar with automobiles.
Fortune highlighted SK On’s selection, stating it ‘has energized the American battery manufacturing sector,’ adding that ‘by 2025, SK On’s factories will be able to produce batteries for approximately 1.5 million electric vehicles annually in the U.S.’
Currently, SK On operates two factories in Georgia, USA. Additionally, it is constructing two battery plants in Kentucky alongside Ford and one in Tennessee. SK On also plans to establish a battery joint venture factory in Bartow County, Georgia, with Hyundai Motor Group.
Once these factories are complete after 2025, SK On will have the capacity to produce over 180GWh of batteries exclusively in North America.
SK On has played a pioneering role in the electric vehicle industry belt emerging in the southeastern U.S. since entering Georgia in 2019. Previously, Pat Wilson, Georgia’s Economic Development Commissioner, referred to SK On as ‘the first mover in the dawn of the American battery industry,’ stating that ‘SK On has completely transformed the landscape of battery manufacturing in the U.S.’
A representative from SK On commented on the recognition as the leading innovative company, stating, ‘Our North American electrification leadership has been acknowledged,’ and adding, ‘SK On will continuously create social value with battery technology and products that contribute to environmental improvement.’
SK On is advancing into a global top-tier company through its core role in creating a clean and convenient world as part of electrification.
One of the fastest-growing global battery manufacturers over the past five years, SK On has seen its sales double annually, backed by industry-leading technology. This year, it received the Best Innovation Award at CES, the world’s largest IT and electronics exhibition, and won a bronze medal at the Edison Awards, further acknowledging its technological prowess.
SK On has dedicated significant efforts to developing environmentally friendly battery technology to fulfill its social responsibility. By developing the safest, fastest-charging, and longest-lasting high-efficiency, high-capacity batteries and supplying them to global automotive companies, it has been striving to minimize air pollution caused by carbon dioxide emissions.
SK On is also playing a key role in leading SK Group’s eco-friendly business initiatives and achieving carbon neutrality goals. Previously, Choi Tae-won, Chairman of SK Group, stated that SK Group should contribute to reducing around 200 million tons of carbon, which is about 1% of the global carbon reduction target of 21 billion tons by 2030.
Lee Sang-jin daedusj@autodiary.kr