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SK takes over U.S. energy solutions company for $150 mln

Corporate Newsroom 09:06 August 18, 2022

SEOUL, Aug. 18 (Yonhap) -- SK Group, South Korea's energy-to-telecom giant, said Thursday it is buying a controlling stake in a U.S. energy solutions company for US$150 million to make further inroads into digital power distribution and electric vehicle charging.

SK Inc., the group's investment holding firm, and SK Energy Co. will jointly acquire the major stake in Atom Power Inc., a North Carolina-based provider of smart power control and electric vehicle charging solutions, the South Korean conglomerate said in a press release.

Details on the terms of the deal, including the value of the deal, were not available.

Atom Power, founded in 2014, develops a digital circuit breaker that enables more effective and advanced control and customization of electrical infrastructure, such as commercial and residential power systems, than existing circuit breakers.

Its circuit breaker can also be used for EV chargers in a much more compact size and at lower costs as it can be made into a structure with one integrated central panel, according to SK.

SK Energy, SK's petroleum and refinery arm, has been pushing for expansion into mobility platform and other energy solutions services, including EV charging, as part of its green energy drive.

From left to right: Kim Moo-hwan, vice president and head of SK's Green Investment Center, and Ryan Kennedy, Atom Power CEO, pose for a photo with Kang Dong-soo, head of SK Energy's S&P promotion team, at the deal-closing ceremony for SK's takeover of Atom Power Inc., a U.S. energy solutions company, in this photo provided by SK Inc. on Aug. 18, 2022. (PHOTO NOT FOR SALE) (Yonhap)


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