SK and SK Energy acquire US energy solutions company Atom Power

On August 17 (KST), an event was held at the SK Seorin Building in Seoul, Korea to finalize the procedure for SK’s acquisition of Atom Power. (L to R) Kim Moo-hwan, director of SK Inc.’s Green Investment Center, Ryan Kennedy, CEO of Atom Power, and Kang Dong-soo, director of SK Energy’s Solution & Platform Business Division, take a group photo at the event. / Courtesy of SK

SK Inc. (SK) and SK Energy today announced the acquisition of the management rights of Atom Power Inc., the US energy solutions company, for $150 million.

The energy solution is about technologies that help enable the most efficient forms of energy production and consumption.

On August 17 (KST), the executives of SK, SK Energy and Atom Power signed an agreement on acquiring shares of SK in SK Seorin Building, Seoul, South Korea. Those who attended the event were the head of SK’s Green Investment Center. Kim Moo-hwan, Kang Dong-soo, Head of Solution & Platform Business at SK Energy, and Ryan Kennedy, CEO of Atom Power, and many more.

When it was founded in 2014, Atom Power developed the “Solid State Circuit Breaker (SSCB, power semiconductor controlled circuit breakers)”. Using its technology, the company operates an electric vehicle (EV) charging and energy solutions business in the United States. Unlike ordinary circuit breakers, which are only used to limit the power in the event of an electrical overload, the device also plays the role of measuring and collecting electricity consumption data as the gateway of the electricity used in each household. This was made possible by current sensors and software developed by Atom Power.

Atom Power circuit breakers collect a wide range of data, including the amount of electricity consumption, solar power generation, amount of EV battery charged, amount of energy saving system charging and discharging. energy (ESS), and more. Electricity big data collected by circuit breakers can be used not only in households, but also to estimate electricity generation and consumption patterns by region. The expansion of Atom Power’s circuit breaker offering is expected to increase benefits for the energy market, as power generators will be able to estimate the right amount to produce, while consumers will be able to estimate the price of the electricity.

(Left) An Atom Power circuit breaker panel. Such panels allow EV charging stations to manage multiple EV chargers at once. (Right) The EV charger produced and supplied by Atom Power in the USA / Courtesy of SK

Additionally, Atom Power circuit breakers can be used in EV chargers. The circuit breaker could greatly reduce the installation price and area, as well as the management cost. While the existing method requires a separate circuit breaker for each charger, Atom Power’s device allows for an installation that incorporates several small circuit breakers on a single central panel. The technology allows the operation of the charging stations within the given power capacity, without the need to extend the power supply installations. Atom Power’s circuit breaker is the only product in its field to have obtained “UL certification”, the product performance and safety certificate of the United States.

UL certification is a safety criterion for industrial products developed and certified by Underwriters Laboratories; used as a safety standard in the United States

The technology of this American company should be advantageous for SK to build its “energy solutions platform” inside and outside the country. The future electric power industry is changing from a centralized structure to a more dispersed structure. For an insightful refresh of the dispersed electric power industry, a solution that can analyze and control consumer and producer data, including power generation and consumption quantity, must be secured. Atom Power’s technology exhibits distinctive competitiveness in terms of hardware and software, both of which are absolute necessities in dispersed power generation. Its use in the market is expected to be versatile, ranging from electric vehicle charging infrastructure to households and industrial buildings.

While SK Energy’s existing mobility platform services, such as charging, cleaning and maintenance, have targeted customers who use internal combustion engine (ICE) vehicles, it has begun to expand its customer base to drivers. from VE. With this in mind, the company plans to research the energy sector of the future, which combines mobility and energy solutions that respect the environment, using Atom Power’s development capabilities for vehicle chargers. electrical.

With only minimal parts, such as cables, installed, Atom Power’s EV chargers are highly flexible, allowing customers to shape them however they want. SK Energy plans to integrate its accumulated expertise in operating charging stations and service stations into this technology. The company plans to offer electric vehicle charging platforms optimized for apartments and multi-complex shopping malls where many cars are parked for an extended period, and to seek additional related services indoors and outdoors. outside the country.

Ryan Kennedy, CEO of Atom Power, said, “Our mission is to power smarter electrification of everything. The electric vehicle market is massive, growing rapidly, and desperately looking for a new way to grow, generate revenue, and accelerate adoption. Our technology is the perfect solution for that perfect storm. “SK Group’s partnership helps us accelerate and scale the supply of electricity for a wide range of commercial and residential applications,” he added.

Kim Moo-hwan, Head of Green Investment Center at SK Inc., said, “Through the acquisition of Atom Power, we will secure core technologies for the energy solutions industry and discover many business opportunities, in particular the creation of our energy solutions platforms.

Kang Dong-soo, Head of Solution & Platform Business at SK Energy, said, “We look forward to the great synergy between SK Energy’s know-how as the number one operator in the Korean oil market, and Atom Power’s distinctive technological prowess in the field. of the energy solution. It will be a great addition to SK Energy’s road to becoming a provider of mobility platform services and environmentally friendly energy solutions. »

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