South Korean conglomerate the SK Group has entered the EVSE market by acquiring a majority stake in charger manufacturer Signet EV. SK acquired 55.5% of Signet EV’s shares for 293 billion won ($263 million).
Established in 2016, Korean firm Signet EV, which sells a full line of EV charging hardware and solutions, including 350 kW chargers, earned $55 million last year, the majority ($46 million) from overseas sales of “super-fast chargers” in the US and elsewhere. Signet has sold more than 20,000 chargers worldwide, including 4,000 in the US. The company, which has an office in Tysons, Virginia, anticipates significant expansion of its US business.
The company has relaunched the former Signet EV business under a new name, SK Signet.
“Consumers in the US and around the world are showing increasing interest in electric vehicles, but they have questions about how and where they can charge the vehicles,” said Jung Ho Shin, CEO of SK Signet. “SK Signet is committed to helping make the switch to EVs an easier decision by providing equipment that provides a fast, simple way to recharge electric vehicles of all sizes.”
Separately, SK plans to invest around $60 million in Swedish EV manufacturer Polestar, through the New Mobility Fund jointly established with Chinese automaker Geely. In a recent round of funding, Polestar raised $550 million to expand in China and Europe. The automaker is considering entering the Korean market later this year.
“SK has been investing across different EV segments—from materials, like our investment in copper foil maker Wason, to innovative business models, like our investment in [ride-sharing company] Grab,” said an SK spokesman. “We will become a key player in the EV market with the Signet EV acquisition and Polestar investment.”