The list, which features the world’s most innovative companies, honored SK as a Titan in the transition to a sustainable global economy
NEW YORK– Today SK Group, South Korea’s second-largest conglomerate, was named to TIME’s third annual TIME100 Most Influential Companies list for its role in growing electric vehicle (EV) battery manufacturing in the U.S.
SK was recognized by TIME for driving growth within the EV market by building the infrastructure for EV battery manufacturing in the U.S. SK’s efforts across its companies span the EV battery and charging, hydrogen energy, semiconductor and recycling industries, among others.
TIME writes: “South Korea’s second largest conglomerate is making big
bets on American-made EV batteries… In April, SK announced plans with
Hyundai for a $5 billion plant in Georgia. A joint venture with Ford now
under way involves two massive battery facilities together worth $11.4
billion, including one in Kentucky that will be the country’s largest.”
In pursuit of making meaningful change and building a more resilient
future, SK Group is committed to investing $85 billion in green
businesses by 2030 and cutting annual carbon emissions by 200 million
tons in 2030. To further this commitment, in the past year SK Group
SK On and Ford Motor Company finalized a joint venture in July 2022 called BlueOval SK to manufacture batteries for electric vehicles. In April 2023, SK On and Hyundai Motor Group approved plans to set up a joint venture to make EV battery cells.
SK Signet, a leading EV charger manufacturer, opened its first U.S. manufacturing facility in June 2023 to produce CCS and NACS compliant EV chargers and launched
a new ultra-fast EV charger in January 2023.
Absolics Inc., a subsidiary of SKC Co. Ltd., broke ground
in November 2022 on a $600 million investment to supply advanced
materials to the semiconductor industry, driving the energy efficiency
SK Geo Centric, a subsidiary of SK Innovation, launched its Waste & Carbon Zero
strategy to recycle plastics totaling the same amount of its global
production volume. Additionally, SK Geo Centric plans to construct the
world’s first multiple chemical recycling facility – ‘Advanced Recycle Cluster’ – in Ulsan, South Korea, by late 2025.
To assemble the list, TIME solicited nominations across sectors, and
polled its global network of contributors and correspondents, as well as
outside experts. Then TIME editors evaluated each on key factors,
including impact, innovation, ambition, and success. The result is a
diverse group of 100 businesses helping chart an essential path forward.
Read SK’s full TIME100 Most Influential Companies report here.
SK Group, South Korea’s second-largest conglomerate, is a collection
of global industry-leading companies driving innovations in energy,
advanced materials, biopharmaceuticals and digital business. Based in
Seoul, SK invests in building sustainable businesses around the world
with a shared commitment to reducing global greenhouse gas emissions. SK
Group is one of TIME’s 100 Most Influential Companies of 2023.
SK companies combined have $139 billion in global annual revenue and
employ more than 100,000 people worldwide. SK companies are investing
billions of dollars in expanding their U.S. presence with business
operations or partnerships in electric vehicle (EV) batteries and
charging technology, hydrogen energy and fuel cells, pharmaceutical
manufacturing and development, and semiconductors.