SK’s subsidiary YesPowerTechnix renamed into SK PowerTech

SK PowerTech factory in Busan [Photo provided by SK]

SK Inc., the investment holding unit of South Korea’s second-biggest conglomerate SK Group, said on Friday that its subsidiary YesPowerTechnix, has changed its name to SK PowerTech.

The renaming of the company will increase its recognition in the global market and strengthen its negotiating power with business partners, SK said. SK PowerTech, which designs and manufactures silicon carbide power chips, was acquired by SK for about 150 billion won ($115.7 million) between 2021 and 2022.

SK PowerTech will start commercial production at its new factory in Busan next month, which was relocated from Pohang.

Silicon carbide power chips can withstand high voltage and temperatures of hundreds of degrees, which is about 10 times higher than silicon power semiconductors, and can improve the efficiency of electric vehicle batteries by about 7 percent. Most EVs are expected to use silicon carbide power chips after 2025, an increase from the current one-third.

“SK PowerTech will secure the highest level of quality competitiveness in the global market,” said an SK spokesman. “We will increase our market share by developing next-generation products and expanding our production capability.”