SEOUL -- South Korea's SK Group acquired management rights of Atom Power, a U.S. developer of solid-state digital circuit breakers, in a $150 million deal to promote an energy solution business and electric vehicle mobility services at home and abroad.
The deal involving SK Inc., an investment-oriented holding company, and SK energy was signed in Seoul on August 18. Atom Power's solid-state breaker concept replaces traditional moving parts of an electromechanical circuit breaker with semiconductors and advanced software. It serves as a gateway to measure and collect power usage data.
Atom Power's technology will be used for the establishment of an energy solution platform at home and abroad, SK Inc. said, adding that a smart distributed power industry requires solutions that analyze and control information of power suppliers and consumers.
"Through the acquisition of Atom Power, we will secure core technologies of the energy solution business, use it as a stepping stone to implementing energy solution platforms, and discover various business opportunities," SK Inc.'s green investment center head Kim Moo-hwan said in a statement.
SK Inc. said that Atom Power's technology, which has differentiated competitiveness in hardware and software essential for securing distributed power solutions, can be applied to electric vehicle charging infrastructure and residential and commercial buildings.
"We look forward to a win-win effect from the combination of our know-how as the No. 1 operator in the domestic oil market and Atom Power's differentiated technology competitiveness that will greatly help SK energy become an eco-friendly energy solution and mobility platform operator," said SK energy's solution and platform business head Kang Dong-soo.
SK energy, a top refiner in South Korea, would expand mobility platform services such as refueling, car washing, and maintenance to electric vehicle customers and seek future energy businesses that integrate eco-friendly mobility and energy solutions by utilizing Atom Power's technology.
Atom Power's electric vehicle charging solution charges vehicles directly from the circuit breaker and incorporates unique energy management technology to keep electricity costs low. It allows the construction of multiple small circuit breakers integrated into one central panel and the operation of charging stations without expanding power facilities.
SK energy aims to combine Atom Power's solution with its know-how in operating gas stations and charging stations while seeking to establish an electric vehicle charging base optimized for apartment buildings and large shopping malls.
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