SK Innovation Co.’s shares climbed Friday after the South Korean energy company said it has developed new prismatic and other batteries for electric vehicles.
Shares of SK Innovation, which owns EV battery affiliate SK On Co., jumped as much as 5.8% to 174,400 won ($131.54) in morning trade, snapping a two-session losing streak.
The broader stock benchmark Kospi was down 1.1%.
The stock’s rally came a day after SK On said in a statement that it would unveil the test product of its first prismatic EV batteries at an annual battery exhibition next week in Seoul.
SK On, largely a maker of pouch-type lithium-ion batteries, plans to begin producing these batteries this year, which should diversify its product portfolio and expand its customer base.
The company said it would also unveil its prototype lithium iron phosphate, or LFP, battery and its own cobalt-free battery at the March 15-17 show.
The global LFP battery market has so far been dominated by Chinese makers, including Contemporary Amperex Technology Co.
SK On said it is also developing all-solid-state batteries, which are considered to perform better while being less fire-prone than existing batteries.
