- Change name to reflect the expansion of its current business and show a new identity as an “Energy Saving Company”
- The new name is a combination of Environmental/Ensuring/Enabling + Movement, expressing the will to innovate for the future
- To become an Energy Saving Company by strengthening competitiveness in existing businesses and securing competitiveness in new businesses
- Enhance competitiveness by focusing on the current lube base oil and lubricant oil business and the premium products business to increase fuel efficiency
- Promote new businesses that improves electrical efficiencies, such as lubricants for electric vehicles and thermal management
According to the company’s website news release on November 21, 2022, SK Lubricants will change its name to SK Enmove to strengthen the ability to execute its Financial Story and emphasize the new identity as an “Energy Saving Company”.
The new name adds meaning beyond the current name’s focus on the existing lubricants business, conveying a new identity to the market and key stakeholders as an Energy Saving Company. This new name is also more reflective of the company’s financial story. The change takes effect on December 1, with TV commercial that started airing from November 20 to announce the change.
SK Enmove symbolizes the company’s move toward a cleaner, more environmentally friendly future. The name combines the prefix “en-” from environmental, ensuring, and enabling, with the word “move” meaning movement.
The new name contains the company’s strong will to create: a movement toward a sustainable future by connecting technology and the environment (Environmental Movement); a movement that guarantees a more convenient future with innovation-based technology (Ensuring Movement); and a movement that promises a happier future by realizing higher human potential (Enabling Movement).
“Ultimately, we will create a new identity as an ‘Energy Saving Company’ by continuing our innovation in both existing and new businesses under our new name, SK Enmove,” said Cha Gyu-tak, CEO of SK Lubricants. “We will further enhance the core competitiveness in our existing lubricants business and secure a solid position in new business areas, such as lubricants for electric vehicles and thermal management.”
SK Lubricants has an unrivaled market position, taking the No. 1 share in the global market for Group III and Group III+ premium base oils. SK Lubricants plans to further solidify its position in the global lubricant market by focusing on premium base oils that can improve vehicle fuel efficiency and contribute to reducing carbon dioxide emissions, as well as high-performance lubricant products with ultra-low viscosity.
Furthermore, SK Lubricants aims to evolve and grow into an “Energy Saving Company” by actively promoting new businesses that improve electrical efficiency. Specifically, the company plans to reduce unnecessary energy consumption by expanding the development and supply of lubricant products exclusively for electric vehicles, thereby increasing mileage efficiency. Besides, to boost power efficiency, the company has been quickly securing competitiveness in liquid-based thermal management businesses such as data center immersion cooling and battery thermal management.
As part of their efforts, in March, SK Lubricants made a USD 25 million equity investment in GRC, a company specializing in data center immersion cooling systems. Based on cooperation between the two companies, SK Lubricants presented its vision to grow into a liquid-based comprehensive thermal management solution provider by jointly developing cooling oil and data center immersion cooling systems using lube base oil and rapidly promoting the standardization and commercialization of these products and service.
“SK Enmove, our new corporation name, embodies the scalability and symbolism of being in line with the strategic direction of the company’s Financial Story and the new identity of an Energy Saving Company,” said an official of SK Lubricants. “We will accelerate the Green Transformation by strengthening existing businesses that focus on the high-quality premium market because they can bring high profits in the long term and stably, while also early settling down new businesses such as lubricants for electric vehicles and thermal management.”
