Charged EVs | Korea’s SK Group acquires Signet EV, invests in Polestar


South Korean conglomerate the SK Group has entered the EVSE market by buying a majority stake in charger producer Signet EV. SK acquired 55.5% of Signet EV’s shares for 293 billion received ($263 million).

Established in 2016, Korean agency Signet EV, which sells a full line of EV charging {hardware} and options, together with 350 kW chargers, earned $55 million final 12 months, the bulk ($46 million) from abroad gross sales of “super-fast chargers” within the US and elsewhere. Signet has bought greater than 20,000 chargers worldwide, together with 4,000 within the US. The corporate, which has an workplace in Tysons, Virginia, anticipates important growth of its US enterprise.

The corporate has relaunched the previous Signet EV enterprise below a brand new identify, SK Signet.

“Customers within the US and world wide are displaying rising curiosity in electrical automobiles, however they’ve questions on how and the place they will cost the automobiles,” mentioned Jung Ho Shin, CEO of SK Signet. “SK Signet is dedicated to serving to make the change to EVs a neater determination by offering tools that gives a quick, easy option to recharge electrical automobiles of all sizes.”

Individually, SK plans to take a position round $60 million in Swedish EV producer Polestar, via the New Mobility Fund collectively established with Chinese language automaker Geely. In a current spherical of funding, Polestar raised $550 million to develop in China and Europe. The automaker is contemplating coming into the Korean market later this 12 months.

“SK has been investing throughout completely different EV segments—from supplies, like our funding in copper foil maker Wason, to progressive enterprise fashions, like our funding in [ride-sharing company] Seize,” mentioned an SK spokesman. “We are going to change into a key participant within the EV market with the Signet EV acquisition and Polestar funding.”

Sources: SK Signet, Korea Financial Every day


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