SK buys $150m stake in US energy solution firm Atom Power

This photo shows multiple electric vehicle chargers that use Atom Power’s solutions in the United States. (SK Inc.)

SK Group, South Korea‘s second-largest conglomerate by assets, has completed a $150 million deal to buy a stake in US energy solution firm Atom Power, according to the group Thursday.

The group’s affiliates, holding company SK Inc. and oil refinery SK Energy, have purchased the undisclosed amount of the controlling stake.

Atom Power, based in Huntersville, North Carolina, is dedicated to semiconductor chip-powered solid-state digital circuit breakers for customized control of electrical infrastructure. The products are mounted on new and renewable energy storage solutions and electric vehicle chargers.

SK Group said Atom Power‘s solutions will soon be offered at electric vehicle charging platforms in residential and commercial areas at home and abroad.

“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,” Kim Moo-hwan, head of green investment center of SK Inc., said in a statement.

Users of the solid-state digital circuit breakers, first commercialized in 2019, can control and monitor the electric current remotely, as well as have access to collected data with respect to power consumption, power generation, charging and self-discharge.

Moreover, a single panel with solid-state circuit breakers can manage multiple chargers at electric vehicle charging stations, according to SK, which could lead to a reduction of infrastructure cost.

“Our technology is the perfect solution for this perfect storm. SK’s backing provides the capital and strategic alignment to support us in driving the new standard for digital power delivery across every industry,” noted Ryan Kennedy, CEO of Atom Power.

By Son Ji-hyoung(consnow@heraldcorp.com)