SK Corp. Yes Power Technics Rebrands as 'SK Power Tech'

Yes Power Technics, a subsidiary of investment specialist SK Inc., announced that it will change its name to SK Powertech and leap forward as an advanced materials company.

On the 30th, Yes Power Technics held its regular shareholders' meeting at its headquarters in Gasan-dong, Geumcheon-gu, Seoul, and decided to change its name to 'SK Powertech.'

A view of the new SK Powertech factory located in Jangan-eup, Gijang-gun, Busan.

Founded in 2017, SK Powertech is a SiC (silicon carbide) power semiconductor design and manufacturing company. SK Inc. acquired management rights of SK Powertech through investments of about 150 billion KRW in 2021 and 2022, followed by a paid-in capital increase. SK Inc. has established a value chain from the domestic first SiC wafer production (SK Siltron) to SiC power semiconductor design and manufacturing (SK Powertech).

SK Powertech expects that the name change will enhance its recognition in the global market, strengthen negotiation power with business partners, and accelerate the expansion of its global market share.

SK Powertech plans to relocate its existing Pohang factory to Busan and start commercial production from April. The production capacity has been tripled to 29,000 wafers annually compared to before. The company also plans to expand its business by developing new products.

SiC power semiconductors are considered a highly challenging and high-entry-barrier area within the advanced materials sector. Due to the market characteristics formed by customized small-volume production, technological capability to design optimized chips tailored to diverse customer demands is essential, along with production know-how to control high-temperature processes.

In particular, SiC power semiconductors can withstand voltages about 10 times higher and heat of several hundred degrees Celsius compared to conventional silicon (Si) power semiconductors. They are rapidly capturing the market with the advantage of improving electric vehicle battery efficiency by about 7%. Since Tesla first introduced SiC power semiconductors in the Model 3 in 2018, it is estimated that about one-third of all electric vehicles currently produced adopt SiC power semiconductors.

The SiC power semiconductor market is expected to grow from approximately 1.1 billion USD (about 1.4 trillion KRW) in 2021 to about 15.4 billion USD (about 20 trillion KRW) by 2030, showing a high annual growth rate of 34% (IHS Markit).

An SK Inc. official said, "SK Powertech will secure global top-level quality competitiveness and lead the SiC power semiconductor market by developing next-generation products and proactively expanding production capacity."

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