Since the two companies formed a joint-venture called BlueOvalSK a couple of years ago, Ford and South Korean battery manufacturer SK On have made strides in terms of building out new facilities that will produce EV batteries for future models. SK has also racked up its fair share of accolades over that time span, ranking among Time‘s 100 Most Influential Companies of 2023, winning an Edison Award, and securing TÜV Rheinland’s Cybersecurity Management System (CSMS) certification for its battery management system. Now, that trend continues, as SK On has now been named to Fortune’s “Change the World” list.
SK received this recognition for its work in supporting the transition to electric vehicles, specifically, as one of the “American electrifiers,” a group of businesses in the transportation industry helping make EVs more practical and affordable, and specifically, the company was cited for bringing manufacturing to the U.S. and helping to build a domestic supply chain of EV battery cells. However, it was the only EV battery manufacturer to make the cut.
“Another source of anxiety is the EV-battery supply chain – not least because China has long dominated that industry,” Fortune noted. “South Korea’s SK On has helped jump-start battery manufacturing in the U.S. The company has opened a factory in Georgia; in joint ventures with Ford and Hyundai, it has another four under construction in that state, Kentucky, and Tennessee. By 2025, those facilities collectively will be producing batteries for about 1.5 million EVs a year – more vital pieces in the remaking of Auto Nation.”
The Fortune “Change the World” list recognizes companies that have had a positive social impact through activities that are part of their core business strategy. The criteria assessed includes a company’s measurable social impact, business results, and degree of innovation. This year, Fortune recognized 59 companies out of 250 that were considered for this list.