SK On and EVE Power swap stakes in battery joint ventures
SK On will fully own SKOJ, while EVE Power takes over EUE in a strategic exchange
SK On, the battery subsidiary of SK Innovation Co., announced a plan to swap stakes in its joint ventures with EVE Power Hongkong Co. as part of its portfolio rebalancing strategy. The two companies had previously established two joint ventures, Huizhou EVE United Energy Co. (EUE) in 2018 and SK On Jiangsu Co. (SKOJ) in 2019, in an effort to expand their presence in the mainland Chinese battery market. SK On holds a 49% stake in EUE and 70% in SKOJ, with the remaining shares owned by EVE Power.
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