SK Innovation said on Thursday that it held an extraordinary shareholders’ meeting that approved the split of its battery and petrochemical businesses.
The new companies are tentatively called SK Battery and SK E&P and will inaugurate on October 1.
The motion received 80.2% approval from shareholders, despite the National Pension Service, the company’s second-largest shareholder, opposing the move.
SK Battery will focus on batteries for electric vehicles, batter-as-a-service and energy storage system businesses.
SK E&P will focus on businesses related to petrochemical.
The company said it will also announce a shareholders’ return program early next year.
SK Innovation also stressed that its priority in its battery business was safety above all else.
The company had over 1,000GWh of remaining orders as of the time of the announcement.
It currently has an annual production capacity of 40GWh but plans to expand this to over 200GWh by 2025.