SK On signed an agreement with Korea’s largest used car platform K Car that will ensure the lithium-ion battery packs in used electric vehicles can be correctly evaluated before re-sale.
SK On, an off shoot of SK Innovations, aims to provide a clear standard on the value of the batteries by certifying the remaining battery life and scrap value of used EVs that K Car deals.
The price of used EVs is determined by their remaining battery life as they account for about half of the vehicles’ price, but until recently it has been difficult to calculate the price due to a lack of objective measuring standards.
Last year, SK On developed its BaaS Ai (Battery as a Service Artificial Intelligence) that can analyse a battery’s status, its life and scrap value as well as detect abnormalities in advance.
SK On launched the battery diagnosis service for customers who use EV Infra application (which provides payment services and information of charging stations in Korea) in November.
Since then, SK On says it has enhanced the measuring accuracy by analysing a mass amount of data of batteries applied to EVs driving in the actual road environment.
An SK On statement read it was pre-emptively securing BaaS technology and expanding its business cooperation because they are the fundamentals and starting point of the BaaS business, which encompasses various services utilising batteries.
SK On says 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.
The technology will also allow for the identification of insufficient battery life, and whether they are suitable for re-use in energy storage systems or should be scrapped.
Jeong Woo-seong, head of e-mobility business office, SK On, said: “Beyond producing innovative battery products, through the market-leading battery diagnosis technology, we would like to contribute to establishing a BaaS ecosystem that can realise a virtuous resource circulation.”