SK Innovation vows to raise portion of battery and material businesses

Lim Chang-won Reporter() | Posted : January 29, 2020, 14:50 | Updated : January 29, 2020, 14:50

[Courtesy of SK Innovation]

SEOUL -- SK Innovation, the energy and battery-making wing of South Korea's conglomerate SK Group, vowed to raise the portion of its battery and material businesses while accelerating the development of eco-friendly products and the recycling of plastics.

As part of a "green balance" initiative, SKI has promised to offer financial support and advice to local start-ups that work on environmental issues. SK Innovation (SKI) CEO Kim Jun said his company would expand its green businesses.

"We are looking for new growth opportunities in the future industry, Beyond EV Battery, by utilizing our battery business capabilities," Kim said. "First of all, we plan to discover and promote BaaS (Battery as a Service), which platforms the entire process of the value chain from battery production to recycling."

"The path we're trying to find isn't temporarily surviving on the food chain," Kim said, adding that SKI would promote a B2B2C business model for stable survival and growth. Business to business to consumer (B2B2C) combines business to business (B2B) and business to consumer (B2C) for a complete product or service transaction.

SKI has good solutions in batteries, ultra-light materials, lubricants and flexible cover window (FCW), a core material for flexible displays that have emerged as a next-generation portable product. For transparent flexible displays, the company has developed FCW and other technologies.

The Davos forum showed that global trend changes are very obvious, Kim said. "The most frequently mentioned word in the forum is stakeholder capitalism. The top aim of management is not to maximize the value of shareholders but to the interests of stakeholders."
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