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SK Group, the second largest company in South Korea, announced on Thursday, Aug. 17, that it has acquired a major controlling stake in Atom Power Inc., a US-based energy solutions firm, to further expand its business in the electric vehicle (EV) charging and digital power distribution sector.
According to Yonhap News Agency, the SK Group is investing some $150 million in the acquisition. It was added that the company is buying the stake in Atom Power together with SK Energy. This means the two units are jointly paying for the entire deal.
Other details of the deal, such as the agreed terms and the exact value of the acquisition, are still not available to the public at this time. Atom Power was revealed to have been founded in 2014, and it mainly develops digital circuit breakers to offer more effective and advanced control of commercial and residential power systems. The company is based in North Carolina and is now offering electrical vehicle charging solutions as well.
“Through the acquisition of Atom Power, we will secure the core technologies to energy solution business, and discover numerous business opportunities, including realizing our energy solution platforms,” SK Inc.’s green investment center head, Kim Moo Hwan, said in a press release,
“Our mission is to power a more intelligent electrification of everything. The EV market is massive, rapidly growing, and desperate for a new way to scale, drive revenue and accelerate adoption,” Ryan Kennedy, the chief executive officer of Atom Power, added. “Our technology is the perfect solution for this perfect storm. SK Group’s partnership helps us expedite and scale power delivery for a broad range of commercial and residential applications.”
Meanwhile, Kang Dong Soo, SK Energy’s head of solution and platform business unit, said that they are really looking forward to the great synergy between its own expertise in the field as the leading operator in the oil market in South Korea and Atom Power’s exclusive technological capacity in the energy solution field.
Kang said that the acquisition deal is definitely a great addition to SK Energy’s portfolio as it makes efforts to become an environmentally-friendly mobility and energy solution service, provider.
