Producer
SK Nexilis Co., Ltd.
South Korean battery copper foil manufacturer (KRX: 009190, HQ Jeongup, Jeonbuk; SK Group subsidiary since 2020 when SK Innovation acquired Nexilis from KCFT Group); produces electrolytic copper foil at 6-10µm for EV battery anode current collectors. SK Nexilis supplies SK On (SK Group's battery subsidiary) and other Korean battery makers. SK Group's acquisition of Nexilis (copper foil) complemented its SK On (battery cells) and SK Materials (semiconductor gases, battery electrolyte) positions — building a Korean battery materials vertical from foil to electrolyte to cell. SK Nexilis is expanding production in Poland (to serve European battery gigafactories) and the US (IRA incentives). The same SK Group behind SK Hynix (world's 2nd-largest memory chip maker), SK Telecom (Korean mobile network), and SK Energy (Korea's largest oil refiner) also makes the copper foil in EV batteries.
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Battery Copper Foil
95%Specialty Copper Products
5%
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Did you know2024
SK Group is simultaneously Korea's largest oil refiner (SK Energy, Ulsan), the world's second-largest memory chip manufacturer (SK Hynix), the dominant Korean mobile network operator (SK Telecom), and — through SK Nexilis and SK On — a significant player in the EV battery supply chain (copper foil + battery cells). The same Korean chaebol that sells gasoline at SK gas stations across Korea also makes the copper foil inside the EV batteries that will eventually displace gasoline vehicles. SK Group's oil refining revenue is currently ~30x its battery materials revenue; SK Group's leadership appears to be deliberately using oil refining cash flows to fund the transition that will cannibalize oil refining demand. No other conglomerate in the world has this specific combination of simultaneous oil refining scale and EV battery copper foil production — SK Group is self-disrupting its own petroleum business through integrated EV investment.
SK Group (SK Inc.) ↗Origin2023
SK Nexilis was acquired by SK Innovation (the energy/chemicals arm of SK Group) from KCFT Group in October 2020 for approximately KRW 560B (~$480M). The acquisition was part of SK Innovation's strategic transformation from a pure oil refining and chemicals company to a diversified energy transition player — the same corporate entity that operates Korea's largest oil refinery (SK Energy, Ulsan) recognized that its future required EV battery materials alongside petroleum. SK Innovation subsequently spun off its battery cell business as SK On (2021) and linked SK Nexilis copper foil supply into the SK On battery supply chain. The acquisition of Nexilis represents one of the clearest documented cases of a petroleum company attempting to vertically integrate into the materials supply chain of the technology that will ultimately displace petroleum transport.
SK Nexilis Co., Ltd. ↗