SK Inc. (SK) and SK Energy today announced their acquisition of management rights to Atom Power Inc., the American energy solution enterprise, at USD 150 million.
Energy solution pertains to the technologies which aid in enabling the most efficient forms of power production and consumption.
On August 17 (KST), executives from SK, SK Energy and Atom Power signed an agreement on SK’s equity acquisition in SK Seorin Building, Seoul, South Korea. Those who attended the event were Head of Green Investment Center of SK. Kim Moo-hwan, Head of SK Energy’s Solution & Platform Business Division Kang Dong-soo, and CEO of Atom Power Ryan Kennedy, and more.
Upon its establishment in 2014, Atom Power developed the “Solid State Circuit Breaker (SSCB, circuit breakers controlled by power semiconductors).” With its technology, the enterprise has been operating electric vehicle (EV) charging and energy solution business in the U.S. Unlike ordinary circuit breakers, which are only used to limit power in case of electrical overload, the device also takes the role of measuring and collecting electricity consumption data as the gateway of electricity utilized in each household. This was made possible by the current sensors and software Atom Power had developed.
Atom Power’s circuit breakers collect a wide array of data, including the amount of electricity consumption, solar power generation, EV battery charged amount, the amount of charge and discharge of Energy Saver System (ESS), and more. The big data of electricity collected by the circuit breakers can be utilized not only in households, but also to estimate the power generation and consumption modalities per region. The expansion in the supply of Atom Power’s circuit breakers is expected to increase benefits for the energy market, as power producers will be able to estimate the adequate amount to generate, while the consumers will be able to estimate the electricity price.
Moreover, Atom Power’s circuit breakers can be utilized in EV chargers. The circuit breaker could greatly reduce installation price and area, as well as the management cost. Whereas the existing method requires a separate circuit breaker for each charger, Atom Power’s device enables an installation that integrates several small-sized circuit breakers on a single central panel. The technology enables the operation of charging stations within the given power capacity, without the need to expand the electric power facilities. Atom Power’s circuit breaker is the only product in its field to have attained the “UL Certification,” the product performance and safety certificate of the US.
UL Certification is safety criteria for industrial products developed and certified by Underwriters Laboratories; used as a safety standard in the U.S.
This American corporation’s technology is projected to be advantageous for SK to build its “energy solution platform” in and out of the country. The future electric power industry is evolving from being centralized to a more dispersed structure. In order for a discerning actualization of the dispersed electric power industry, a solution that can analyze and control the consumer and producer data, including the power production and consumption amount, must be secured. Atom Power’s technology has distinctive competitiveness in terms of hardware and software, which are both absolute necessities in dispersed power generation. Its market usage is expected to be versatile, ranging from EV charging infrastructures to households and industrial buildings.
Whereas SK Energy’s existing mobility platform services, such as charging, cleaning, and maintenance, have targeted clients who use internal combustion engine (ICE) vehicles, it has begun to expand its client base to EV drivers. In line with this, the company plans to seek the energy business of the future, which combines eco-friendly mobility and energy solutions, utilizing Atom Power’s development capacities for EV chargers.
With only minimum parts, such as cables, installed, Atom Power’s EV chargers are highly flexible, allowing clients to shape them in a way they want to. SK Energy plans to incorporate its accumulated expertise in operating charging stations and gas stations operation into this technology. The company plans to offer EV charging platforms optimized for apartments and multi-complex shopping malls where many cars are parked for a prolonged time, and pursue additional related services in and out of the country.
Ryan Kennedy, CEO of Atom Power, said “Our mission is to power a more intelligent electrification of everything. The EV market is massive, rapidly growing, and desperate for a new way to scale, drive revenue and accelerate adoption. Our technology is the perfect solution for this perfect storm.” “SK Group’s partnership helps us expedite and scale power delivery for a broad range of commercial and residential applications,” he added.
Kim Moo-hwan, Head of Green Investment Center of SK Inc., said, “Through the acquisition of Atom Power, we will secure the core technologies to energy solution business, and discover numerous business opportunities, including realizing our energy solution platforms.”
Head of SK Energy’s Solution & Platform Business Division Kang Dong-soo said, “We are looking forward to the great synergy between SK Energy’s know-hows 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 an eco-friendly energy solution and mobility platform service provider.”
