By Kim Seung-yeon
SEOUL, Sept. 5 (Yonhap) — SK Enmove Co., a subsidiary of SK Innovation Co. and part of South Korea’s SK Group, announced Tuesday that it will focus on the development and production of energy-efficient fluids for electric vehicles (EVs) and data centers as part of its growth strategy.
The lubricant-making unit unveiled its new brand for all e-fluid products, ZIC e-FLO, aiming to become a leading company in the energy efficiency market, estimated to be valued at 54 trillion won (US$40.9 billion) by 2040.
Previously known as SK Lubricants, SK Enmove changed its name in December last year to reflect its new identity as an energy-saving-focused company.
“We will open a new market for the energy efficiency industry, as well as the engine oil market,” SK Enmove CEO Park Sang-kyu said during a media event. “We will transition from being the No. 1 company to a ‘future company’ in the global lubricant market.”
EV lubricants are one of the primary focuses, Park said, dispelling the notion that the demand for lubricant oil will decline in the EV era. “That is a hasty judgment,” Park said. “EVs also need a dedicated lubricant that cools motors and reduces the friction resistance of gears to enhance energy efficiency, and SK Enmove is leading the EV lubricant oil market with an edge in competitiveness in raw materials and technologies.”
SK Enmove is also looking to the thermal management segment as a future growth driver. Thermal management involves installing a liquid cooling system in large energy-consuming devices to keep them under optimal conditions for operation.
The company’s liquid immersion cooling (LIC) technology comes with an engineered thermal fluid into which data servers are directly submerged, increasing cooling efficiency by 30 percent compared with existing air-cooling methods. SK Enmove recently partnered with Dell Technologies and GRC, a U.S.-based firm specializing in data centers for LIC businesses, to further develop the LIC technology and establish a channel for after-sale services.
SK Enmove also plans to continue to expand its presence in the lubricant oil market for internal combustion engines, with India being a primary target due to the projected growth of up to 6.6 percent annually for conventional vehicles.