SK Signet secures first EV charger UK contract worth ₩10B

SK Signet bagged its first order in Europe worth KRW10 billion or about $7.8 million. The South Korean electric vehicle charger manufacturer secured an order from the United Kingdom which is its very first transaction in the European region.

As per Korea Joongang Daily, the deal between SK Signet's unit in the U.K. and an unnamed oil firm was already signed. However, the name of the oil company and other terms were not specified.

SK Signet is owned by SK Inc. which holds a 53.4% stake and it was acquired by the SK group in 2021. The European unit of the company is based in Frankfurt, Germany, and it has also launched its service center in Luton, England, to improve its customer service in the area. Its operations only started in December 2022.

For its business to expand here, its target is to grow its EV charger market in Italy, Spain, Germany, France, and the United Kingdom. The main aim is to supply its chargers to the local industrial vehicle market. Moreover, SK Signet is planning to roll out a megawatt charging system for large or heavy vehicles within the first two quarters of 2024.

"Europe, which is spearheading the global EV era, is a significant market for SK Signet and we are committed to electrifying Europe while contributing to the global net zero efforts with our ultra-fast EV Chargers," SK Signet's chief executive officer, Shin Jung Ho, said in a statement.

Finally, The Korea Herald reported that under the new European Union's "Sustainable and Smart Mobility Strategy" initiative that was unveiled in 2020, the sale of new internal combustion engine vehicles is set to be banned starting in 2035. This new law in the region makes SK Signet's entrance into the European market a good decision since EVs and EV chargers would be a necessity by that time.