SK Innovation is on an upward trend thanks to a large-scale battery supply contract with its subsidiary, SK On.
As of 9:35 a.m. on the 20th, SK Innovation is trading at 127,000 won, up 1.93% from the previous day. Shortly after the opening, it even rose to 133,500 won.
The previous day, SK On announced that it signed a contract to supply electric vehicle batteries reaching 100 gigawatt-hours (GWh) to Nissan Motor in Japan. The industry estimates the supply scale at 15 trillion won.
Under this contract, SK On will supply 99.4 GWh of electric vehicle batteries to Nissan from 2028 to 2033 over six years. This will be enough to equip 1 million mid-size electric vehicles with Nissan's large electric sports utility vehicles (SUVs).
The core business in liquefied natural gas (LNG) is also performing well. Kang Dong-jin, a researcher at Hyundai Motor Securities, noted, "With the introduction of gas quantities from the Barossa Caldita (CB) gas field in Australia in the second half of this year, cost competitiveness is expected to improve," and added, "As industrial electricity rates rise sharply at Korea Electric Power Corporation, opportunities for private power generation companies are expected to expand, with SK Innovation being the largest renewable energy provider in the country."