SK Acquires Fast EV Charger Company... Also Invests in Swedish EV Firm

Korean Signet EV Acquires 55.5% Stake for 293 Billion KRW
Signet Holds Over Half of US Ultra-Fast Charger Market Share
Invests 60 Million USD in Swedish EV Polestar
"Leading Eco-Friendly Mobility Through Strategic Partnership"

Signet EV Ultra-Fast Charger Installed in the United States

[Asia Economy Reporter Choi Dae-yeol] SK㈜ announced on the 15th that it has decided to acquire Korea Signet EV, a manufacturer of ultra-fast chargers. This acquisition marks its full-scale entry into the electric vehicle charging market. The company also decided to invest $60 million in Polestar, the high-performance electric vehicle brand of Sweden's Volvo.

The company stated that the board of directors made this decision on the same day. Established in 2016, Korea Signet EV is a global leading company that developed a 350 kW ultra-fast charger and was the first in the world to receive U.S. certification in 2018, according to SK. It is reported to hold over 50% market share in the U.S., the largest ultra-fast charger market. SK will acquire a 55.5% stake for approximately 293 billion KRW, including new shares worth about 210 billion KRW.

The company said, "After securing high-quality charger manufacturing capabilities, we plan to promote proactive research and development (R&D) investment, enhance product competitiveness, and expand overseas through the group's capabilities," adding, "Our strategy is to establish a leading position in the electric vehicle charging market." SK plans to combine the semiconductor and information communication capabilities of SK Group affiliates with the charger manufacturing technology of the acquired company to proactively prepare for the autonomous electric vehicle market.

The global electric vehicle charger market is expected by the industry to grow from $3.3 billion (3.7 trillion KRW) this year to $22 billion (25 trillion KRW) by 2030, maintaining an average annual growth rate of 24%. Last year, Signet EV's sales were 61.9 billion KRW, of which 51 billion KRW came from overseas business.

Polestar 2, an electric car from the Swedish brand Polestar

Additionally, SK recently decided to invest $60 million in Polestar, an electric vehicle company, through the 'New Mobility Fund' established with Geely Automobile Group, the largest private automaker in China. Polestar raised $550 million from global investors through this fundraising. It is also reported to be considering entering the Korean market in the second half of this year.

Polestar is a high-performance electric vehicle manufacturer strategically nurtured by Sweden's Volvo. Originally, Polestar was a brand referring to Volvo's high-performance vehicles but shifted its focus to electric vehicles. In some Nordic countries where electric vehicles are widely adopted, Polestar sells more than Tesla. Starting with the hybrid electric vehicle Polestar 1 in 2019, it launched the pure electric vehicle Polestar 2 in Europe and China last year. Polestar 2 sold about 20,000 units last year. According to SK, Polestar is the only electric vehicle whose battery pack automatically detaches in the event of a vehicle collision.

Polestar is building an 'electric vehicle technology platform' that can be applied to other car brands, offering an electric vehicle technology package. SK expects this to enable a business model of technology license sales to multiple global automakers. Beyond simple equity investment, SK plans to collaborate in various fields as a strategic partner in the eco-friendly mobility business.

An SK㈜ official said, "We have proactively invested in core materials and technologies for the eco-friendly future car market, including Watson, the world's No. 1 copper foil manufacturer, and Yes Power Technics, a next-generation power semiconductor manufacturer, as well as innovative mobility businesses like Grab and Turo," adding, "We will leap forward as a core company in the eco-friendly mobility market."