SK takes over American energy solutions firm Atom Power at $151 mn

[Photo provided by SK Group]

South Korean energy and telecom giant SK Group will take over a controlling stake in Atom Power, a U.S. energy solutions firm, at 200 billion won ($151 million) to build on electric vehicle (EV) charging infrastructure amid faster drive on clean fuel in the U.S.

SK announced Thursday that its investment holding company SK and energy unit SK energy signed a $151-million deal to acquire North Carolina, U.S.-based Atom Power that has invented the first solid-state digital circuit breaker for smart, sustainable energy distribution. It was founded in 2014.

The circuit breaker collects various data, such as power usage and EV charging, and uses the information for effective control and customization of electrical infrastructures, such as commercial and residential power systems. In addition, the circuit breaker can be used for EV charging in a compact size and at a low cost, thanks to its structure with one integrated central panel instead of having several circuit breakers.

The partnership with Atom Power is expected to help SK build an advanced, comprehensive energy solution platform that can cover traditional energy sources to eco-friendly future mobility and renewable energy sources. It plans to use Atom Power's circuit breaker technology in EV charging and commercial/ residential power systems.

SK energy, SK's petroleum and refinery unit, focuses on its mobility platform and other energy solutions services and plans to expand its services into EV charging. The firm hopes the collaboration with Atom Power will accelerate its push for sustainable, eco-friendly energy solutions.

"Our acquisition of a controlling stake in Atom Power will bring us more business opportunities in energy solutions," said Kim Moo-hwan, SK's vice president.

SK shares were down 0.21 percent to 236,000 won in Thursday's morning session.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]