SK E&S Invests 138.5 Billion KRW in US Energy Solutions Business to Establish JV

[Asia Economy Reporter Park So-yeon] SK E&S will invest a total of $115.9 million (approximately 138.5 billion KRW) to enter the U.S. residential energy solutions business.

On the 30th, SK Inc. announced that its subsidiary SK E&S will invest 138.5 billion KRW to establish a joint venture (JV) aimed at developing and promoting residential energy solutions in the U.S.

SK E&S plans to establish a joint venture with Sunrun Inc, the leading company in solar power and ESS (Energy Storage System) installation in the U.S., and will also make an equity investment in Sunrun.

The U.S. has a well-developed energy solution service sector that combines small-scale solar power generation, ESS, and IT services such as the Internet of Things and artificial intelligence. SK E&S will leverage Sunrun’s customer network in the U.S. market to develop residential energy solutions.

SK E&S stated, "By supplying energy solution services to U.S. households, we expect to reduce consumers’ electricity bills and expand the business into power grid ancillary services. We will collaborate with our partners to develop products."

SK E&S plans to continue expanding its energy solutions business in the U.S. following this investment.

The company is engaged in LNG-related businesses such as LNG terminals and shale gas fields in the U.S., and since last year, it has expanded into renewable energy and energy solutions by acquiring a 50% stake in Electrodes, a California-based ESS operating company.

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