■ Signed a business agreement with K Car, the No.1 used car platform company in Korea, on February 24

– To certify after measuring the lifespan and value of the batteries of used cars that K Car purchases and sells

– To provide a reliable service by calculating the battery price of used electric cars

■ Measuring the battery life, the foundation of the BaaS business, through the self-developed “BaaS AI” technology

– Entering the used car market platform after cooperating with platform businesses related to rental car service and charging applications last year

■ “Beyond producing innovative battery products, through the market-leading battery diagnosis technology, we would like to contribute to establishing a BaaS ecosystem that can realize a virtuous resource circulation,” said Jeong Woo-seong, Head of e-Mobility Business Office, SK On.

On Feb 24 (KST), at SK Seorin Building in Seoul, Korea, SK On signed a business agreement with K Car, Korea’s largest directly-operated used car platform, to certify the remaining battery life and scrap value of used electric vehicles (EVs) that K Car deals.

The price of used EVs is determined by its remaining battery life as batteries account for about half of the vehicles’ price. Until now, it has been difficult to calculate the price due to a lack of objective measuring standards. By SK On providing a clear standard on the “value” of the batteries, consumers can now purchase used EVs that K Car sells with a reliable standard.

Early last year, SK On developed the BaaS Ai (Battery as a Service Artificial Intelligence) that can analyze a battery’s status, its life, scrap value as well as detect abnormalities in advance. Through this technology, starting from measuring and analyzing the battery status of EVs operated by SK Car Rental last April, SK On launched a battery diagnosis service for customers who use EV Infra, the EV charging application in November. SK On has enhanced the measuring accuracy by analyzing a mass amount of data of batteries applied to EVs driving in the actual road environment.

SK On is preemptively securing the battery diagnosis technology and expanding its business cooperation because those are the fundamentals and starting point of the BaaS business, which encompasses various services utilizing batteries.

In the BaaS industry, it is essential to assess the scrap value of the batteries because pricing used cars and trading become possible only after knowing the remaining battery life. Furthermore, after sorting out batteries with insufficient battery life, it will become possible to judge whether to re-use them as Energy Storage System (ESS) or scrap them can by scrap value assessment. In other words, diverse business models can emerge from the battery diagnosis service.

“Beyond producing innovative battery products, through the market-leading battery diagnosis technology, we would like to contribute to establishing a BaaS ecosystem that can realize a virtuous resource circulation,” said Jeong Woo-seong, Head of e-Mobility Business Office, SK On.

(Photos) Jeong Woo-seong, Head of e-Mobility Business Office of SK On (left) and Jeon Ho-il, Head of Marketing Division of K Car (right) take commemorative photos at the agreement ceremony held in SK Seorin Building, Seoul, Korea, on February 24, 2022.