SK Inc. - SK Energy Acquires US Energy Solutions Company 'Atom Power'

Acquired for $150 Million
Development of Power Circuit Breaker Technology
Applicable to Electric Vehicle Charging
"Energy Solutions and Mobility Synergy"

On the 17th, a deal closing event was held at the SK Seorin Building in Jongno-gu, Seoul, attended by about 10 representatives from three companies: SK Inc., SK Energy, and Atom Power. (From left) Mu-hwan Kim, Head of SK Inc. Green Investment Center; Ryan Kennedy, CEO of Atom Power; Dong-su Kang, Head of SK Energy S&P Promotion Team. Photo by SK Group

[Asia Economy Reporter Choi Seoyoon] SK Inc. and SK Energy announced on the 18th that they will acquire a controlling stake in the U.S. energy solutions company Atom Power for $150 million (approximately 200 billion KRW). ‘Energy solutions’ refers to technologies that help produce and consume electricity most efficiently.

Executives from SK Inc., SK Energy, and Atom Power signed an agreement on the previous day at the SK Seorin Building in Jongno-gu, Seoul, regarding SK’s equity acquisition. Attendees included Kim Muhwan, Head of SK Inc.’s Green Investment Center, Kang Dongsu, Head of SK Energy’s S&P (Solution & Platform) Promotion Team, and Ryan Kennedy, CEO of Atom Power.

Founded in 2014, Atom Power has developed ‘Solid State Circuit Breaker (SSCB)’ technology (circuit breakers controlled by power semiconductors) and operates energy solutions and electric vehicle (EV) charging businesses in the U.S. Unlike conventional circuit breakers that only cut off current during power overloads, Atom Power’s circuit breakers also measure and collect power usage data as an intermediate gateway for each household’s electricity. This is thanks to Atom Power’s proprietary current sensors and software.

The data collected by Atom Power’s circuit breakers include power consumption, solar power generation, EV charging volume, and energy storage system (ESS) charge/discharge amounts. The big data gathered by the circuit breakers can be used to predict power generation and consumption patterns not only at the household level but also at the regional level. As Atom Power’s circuit breakers become more widespread, power producers will be able to forecast appropriate generation volumes, and consumers will be able to predict electricity prices, thereby increasing benefits in the energy market.

Atom Power’s circuit breakers can also be applied to EV chargers. The advantages include significantly reduced installation costs, space requirements, and maintenance expenses. Unlike the existing method that requires an individual circuit breaker per charger, Atom Power’s structure integrates multiple small circuit breakers into a single central panel. It is also possible to operate charging stations within existing power capacity without expanding power facilities. Atom Power’s circuit breakers are the only ones in this field to have obtained the U.S. product performance and safety certification ‘UL certification’ (developed and certified by Underwriters Laboratories (UL), a U.S. insurance association safety testing laboratory, used as a U.S. safety standard).

Atom Power’s technology is expected to help SK build an ‘energy solutions platform’ domestically and internationally in the future. The future power industry is evolving from a centralized to a distributed model, and to realize a smarter distributed power industry, it is essential to secure solutions that analyze and control information from power suppliers and consumers, such as generation and consumption volumes.

Atom Power’s technology has differentiated competitiveness in both hardware and software essential for securing distributed power solutions, and it is expected to be applied diversely in markets ranging from EV charging infrastructure to residential and commercial buildings.

In particular, SK Energy plans to expand its mobility platform services, currently targeting internal combustion engine vehicle customers with fuel, car wash, and maintenance services, to EV customers. By leveraging Atom Power’s EV charger development capabilities, SK Energy aims to explore future energy businesses integrating eco-friendly mobility and energy solutions.

Atom Power’s EV chargers are equipped with only the minimum essential components such as cables, allowing customers to customize them as desired. SK Energy plans to combine this with its long-standing know-how in operating gas stations and charging stations. The company intends to establish EV charging infrastructure optimized for spaces such as apartment complexes where multiple vehicles are parked for extended periods and large shopping malls, and to promote related value-added services domestically and internationally.

Ryan Kennedy, CEO, stated, “Atom Power’s technology is suitable for the advancement of all power grids and the expansion of the EV market. Cooperation with SK is expected to expand our business to more customers.”

Center Head Kim Muhwan emphasized, “Through the acquisition of Atom Power, we will secure core technologies for the energy solutions business and use this as a stepping stone to implement an energy solutions platform and discover various business opportunities.”

Team Leader Kang Dongsu said, “As the No.1 player in the domestic oil market, SK Energy’s know-how combined with Atom Power’s differentiated technological competitiveness in the energy solutions field is expected to create a synergistic effect that will greatly help SK Energy transform into an eco-friendly energy solutions and mobility platform business.”

Atom Power Stand-type Charger. Photo by SK Group

This content was produced with the assistance of AI translation services.