SK Innovation, SK Energy buy controlling stake in energy company Atom Power for $150 M

SK Innovation and SK Energy announced they have acquired a controlling stake of US energy company Atom Power for $150 million. Atom Power is a North Carolina-based company specializing in semiconductor-based circuit breakers for electric vehicle chargers. The company developed a solid-state circuit breaker (SSCB) which is responsible for cutting off power in the case of an overcurrent or short circuit and is capable of measuring and collecting electricity consumption data.  

The SK companies said the acquisition would help establish an “energy solution platform” that enhances electricity production and consumption efficiency. The company hopes to use the technology in EV charging stations and expand the EV charging business to other locations such as apartments and shopping malls. 

When used in EV charging systems, Atom Power’s SSCB reduces installation costs and requires less space than a regular circuit breaker. The device can integrate several circuit breakers onto a central panel.

Atom Power CEO Ryan Kennedy said the “partnership helps us expedite and scale power delivery for a broad range of commercial and residential applications.”   

Kim Moo-hwan, head of SK’s Green Investment Center, said that the acquisition of Atom Power will help the company “secure core technologies to energy solution business and discover numerous opportunities, including realizing our energy solution platforms.” 

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