SK Networks Completes Acquisition of SS Charger... "Full-Scale Entry into Electric Vehicle Charging Business"

[Asia Economy Reporter Hyunseok Yoo] SK Networks announced on the 3rd that it has completed the acquisition of SS Charger, a company operating fast chargers.

With SK Networks holding SS Charger as a subsidiary along with SK Rent-a-Car, it is strengthening its electric vehicle-related business. SK Rent-a-Car is building the largest electric vehicle charging complex in Korea on Jeju Island. It is implementing a plan to convert its entire fleet of approximately 200,000 vehicles to electric vehicles by 2030.

SS Charger, acquired this time, currently operates 1,650 electric vehicle fast chargers. By the first half of this year, it plans to additionally install concentrated ultra-fast chargers at 150 locations including highway rest areas and urban centers. In particular, based on numerous partnerships with public institutions, automobile manufacturers, large marts, and corporate taxis, it has secured excellent charging locations in the metropolitan area. It possesses differentiated competitiveness, such as launching the industry's first subscription membership service called 'Lucky Pass.' Synergy with 'Everon,' a slow charger company for electric vehicles invested in by SK Networks early last year, is also an anticipated aspect.

For 2023, the newly starting SS Charger appointed Hyungki Jo, former head of SK Networks’ Planning Office, as CEO. It is expected that a growth plan combining SS Charger’s business expertise with strategy and investment will be promoted. CEO Hyungki Jo said, "Through cooperative management that leverages the expertise of our partners, we will lead the expansion of electric vehicle charging infrastructure to strengthen SS Charger’s fundamental competitiveness and actively seek new opportunities related to the business. Soon, we will create a new corporate name that reflects the value of the newly starting company to inform customers, and strive to become the number one company in the electric vehicle charging industry responsible for customer convenience with advanced technology and services.”

Meanwhile, SS Charger is an electric vehicle charging platform company. It was part of Estraffic’s business division and launched as a new corporation through a physical division in November last year. Anchor Equity Partners also participated in the investment alongside SK Networks, becoming the second-largest shareholder and joining management.