SK On Jiangsu Battery Plant Becomes Wholly Owned by SK On

SK On and EVE Energy have finalized a strategic restructuring of their battery manufacturing partnerships in China, completing the planned exchange of ownership stakes in two joint venture companies. The transaction was officially completed on June 22, 2026, earlier than the previously announced target date of September 9, 2026. As a result, the SK On Jiangsu Battery Plant is now a wholly owned subsidiary of SK On, while Huizhou EVE United Energy has become a wholly owned subsidiary of EVE Energy.

Ownership Exchange Completed Ahead of Schedule

The transaction involved two battery-production joint ventures located in different regions of China. SK On Jiangsu operates in Yancheng, Jiangsu, while Huizhou EVE United Energy is based in Huizhou, Guangdong. Under the completed agreement, SK On purchased EVE Energy's remaining 30% ownership interest in SK On Jiangsu, giving the South Korean battery manufacturer full ownership of the company. At the same time, EVE Energy acquired SK On's 49% stake in Huizhou EVE United Energy, making that operation entirely owned by the Chinese battery manufacturer.

Share Exchange Details

The completed ownership restructuring enables both companies to independently manage their respective battery manufacturing operations. The exchange simplifies the ownership structure of each production facility while allowing both organizations to focus on their individual manufacturing strategies. Although the share exchange had originally been scheduled for completion on September 9, 2026, all required procedures were successfully finalized on June 22, 2026, allowing the companies to complete the transaction well ahead of the planned timeline.

Battery Joint Venture Ownership Changes

Frequently Asked Questions

What changed in the ownership of the SK On Jiangsu Battery Plant?
SK On acquired the remaining 30% ownership interest previously held by EVE Energy, making the SK On Jiangsu Battery Plant a wholly owned subsidiary. This restructuring concludes the companies' joint ownership of the facility and gives SK On complete operational control. The transaction forms part of a broader share exchange agreement involving two battery manufacturing joint ventures located in China and was completed ahead of the previously announced schedule.

What happened to Huizhou EVE United Energy?
EVE Energy purchased SK On's 49% ownership stake in Huizhou EVE United Energy, resulting in full ownership of the battery production company. Following the transaction, the joint venture structure was dissolved, allowing EVE Energy to independently manage the facility. The ownership exchange was completed on June 22, 2026, earlier than the original completion date of September 9, 2026, announced by the companies.