HomeIndustriesKorea’s SK Invests $100 Million in EV Startup Atom Power

Korea’s SK Invests $100 Million in EV Startup Atom Power

South Korean IT services and holding company SK Inc announced on Thursday a $100 million investment in electric vehicle startup Atom Power. Through the introduction of groundbreaking hardware and software, the North Carolina-based EV company aims to upgrade the electric vehicle charging experience across the United States.

Atom Power has developed a circuit breaker to improve the control, flexibility, and reliability of EV chargers. According to CEO Ryan Kennedy, the company is specifically focused on bringing such improvements to commercial fleet operators and multi-family dwellings.

SK Inc, the second-largest conglomerate in South Korea after Samsung, previously acquired a $50 million stake in Atom Power. The company aims to scale the EV startup’s business across the United States and the globe.

Kennedy stated that the electric vehicle market is “desperate for a new way to scale, drive revenue and accelerate adoption.” Sk Inc confirmed that its belief in Atom Power’s technology was the key factor in its decision to inject a further $100 million into the startup.

Aside from SK Inc, Atom Power also acquired funds from the corporate investment arms of Siemens and ABB; investments that are believed to be key in the startup’s ambition to evolve EV charging technology.

Home Sales Plummeted in August According to Pending Data

Pending home sales for August were down 7.1% from the previous month, data from the National Association of Realtors revealed. This far outpaces the...

Stocks Fall After the Release of GDP Data

U.S. stocks declined on Thursday as investors digested the latest round of GDP data. Estimates on Thursday showed that the U.S. economy's GDP for...

Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk

Hyundai and Kia are in the process of recalling over 3.4 million vehicles in the United States due to a fire risk. Both automakers...