The U.S. government has set a subsidy budget of about $5 billion by 2030 for the NEVI program. This is a large-scale project to build a total of 500,000 charging stations across the U.S. by installing fast or super-fast charging stations every 50 miles (80 kilometers) on highways. To receive subsidies, foreign companies should meet various requirements such as producing chargers in the U.S.
Through a $5 million project, SK signet will build a factory capable of producing more than 10,000 ultra-fast chargers every year in Plano, Texas. The products will be distributed to SK signet's clients such as Electrify America, a Virginia-based fast charging station manufacturer. "The company's innovative technology is a perfect fit for our business community. We are proud to continue attracting world-class companies to our city that impact the marketplace," Plano's mayor John Muns said in a statement on November 16.
"Our new Texas facility will provide top-tier fast charging solutions that are adaptable to a wide range of vehicle types, helping EVs become a reality for more Americans," said SK signet CEO Shin Jung-ho. The company will create up to 183 jobs to recruit new workers.
Various South Korean companies are trying hard to overcome a U.S. inflation reduction act that only subsidizes EVs using batteries, which are assembled in North America and contain more than a certain percentage of core minerals extracted in the region. In September 2022, LG Energy Solution, the battery-making wing of South Korea's LG Group, teamed up with three Canadian battery material producers to cooperate in supplying and processing rare metals such as lithium and cobalt that can be used for producing lithium-ion batteries.
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