SK Signet to build EV charger-manufacturing facility in U.S.

All News 09:27 November 16, 2022

SEOUL, Nov. 16 (Yonhap) -- SK Signet Inc., a South Korean manufacturer of electric vehicle chargers, said Wednesday it plans to build an electric vehicle (EV) charger-manufacturing plant in the U.S. with an aim to start operations in the second half of next year.

SK Signet, a unit under the country's No. 2 conglomerate SK Group, earlier unveiled a plan to spend US$15 million to build an EV charger manufacturing plant in Plano, Texas, amid burgeoning demand for green vehicles.

Once completed, it will annually produce more than 10,000 EV chargers, primarily 350 kilowatts of power or higher.

The U.S.' push for various EV-related policies, including the National Electric Vehicle Infrastructure Formula Program, also known as NEVI, is expected to give a boost to its expansion in the world's major EV market, the Seoul-based company said.

NEVI calls for giving subsidies to EV charger manufacturers whose products are locally produced in the U.S.

SK Signet, majority owned by SK Inc., the holding company of SK Group, has over a dozen patents in EV charging technologies. It has supplied more than 2,500 fast chargers in the U.S.