"SK E&S Organizational Restructuring Amid US Energy Solutions Business Expansion"

Yoo Jung-jun, Vice Chairman and CEO of SK E&S

[Asia Economy Reporter Choi Dae-yeol] SK E&S announced on the 2nd that it established a local subsidiary for its energy solutions business in the United States, PassKey, Inc., at the end of last month.

Energy solutions refer to businesses encompassing methods and infrastructure supply to efficiently control and manage changes in patterns of heat or electricity production and consumption compared to the past. SK E&S is promoting this as part of its new energy business not only domestically but also overseas in countries such as the United States and China. PassKey was established as a subsidiary of SK E&S America, which is itself a subsidiary of SK E&S. The company has recently been making large-scale local investments, including acquiring energy solutions companies in the United States.

Meanwhile, in executive personnel appointments announced on the same day, the company appointed nine new executives and selected new CEOs for five subsidiaries engaged in city gas and district energy businesses. It newly created an Asset Management Headquarters and reorganized the energy solutions division, which had been operated as a temporary task force (TF), into a separate organization. The hydrogen business-related organization, which had been in the form of a promotion team, was also restructured.

A company official stated, "This personnel and organizational restructuring focused on building infrastructure and innovation capabilities to quickly seize opportunities in the hydrogen, renewable energy, and energy solutions business sectors, and to enhance execution capabilities for transitioning the business to a carbon-neutral liquefied natural gas (LNG) value chain."