SK Enmove, a subsidiary of the SK Group, a major South Korean conglomerate, has been a leader in the lubricants industry and new energy development since 1968, with over 140 customers across 60 countries. Through a new agreement with SQM Iodine Plant Nutrition, SK Enmove aims to secure a stable supply of iodine, essential for its next-generation electric vehicle (EV) coolants.
The agreement marks a key step in building a robust value chain and ensuring an uninterrupted supply of high-quality materials for SK Enmove’s products. The signing ceremony took place in Santiago, Chile, with executives from both companies, including SK Enmove CEO Won-ki Kim and SQM Iodine Plant Nutrition CEO Pablo Altimiras. The two firms will continue negotiating supply volumes and prices to formalize the agreement.
Altimiras expressed that the partnership aligns with SQM’s strategy of sustainable growth and innovation, highlighting the importance of developing new technologies and securing a future iodine supply. Meanwhile, Kim emphasized that this agreement strengthens SK Enmove’s production capabilities and advances its goal of creating a stable supply of next-gen automotive coolants, positioning the company as a global leader in energy-saving technologies.
The deal ensures a reliable supply of high-purity iodine, a key component in the growing automotive coolant market. This iodine-based technology, which is still under development, is being pioneered by SQM and SK Enmove. Currently, iodine is widely used in products such as pharmaceuticals, antiseptics, and X-ray contrast agents, with Chile being a dominant producer, responsible for over half of the global iodine supply.
In Q2 2024, SQM reported expected sales of more than 14,000 tons of iodine, accounting for roughly 35% of the global market. Earlier this year, SK Enmove also signed an MOU with Hyundai Motor Group to develop next-gen refrigerants that improve energy efficiency in electric vehicle climate control systems. Tests show that the iodine-containing coolant performs comparably to traditional coolants while reducing energy consumption.
