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SK E&S, the largest private renewable energy operator in South Korea, has acquired EverCharge, a US-based EV charging solution provider. The company said in a regulatory filing that it would be investing $400 million in SK E&S Americas to help it fund the acquisition and finance other investments in energy solution business areas.
SK E&S Co. is a subsidiary of the SK Group, a top South Korean conglomerate. It announced on Thursday, March 24, that it has bought the said American electric vehicle charging service provider as part of its efforts to move into the green energy business.
According to Yonhap News Agency, SK E&S and EverCharge acquisition deal also include the takeover of the latter's management. Then again, the companies did not disclose the exact details of their agreement. Specific points of the deal were also kept from the public as of this time.
The US-based unit of SK E&S said that this acquisition would help the company effectively meet the demand in the rapidly growing EV charging market. This will also boost its green energy venture.
Based on the report, this is the first time that a Korean firm has ever purchased an American electric vehicle charging firm. EverCharge was launched in 2013, and it is mainly offering charging solution services for EVs.
It also produces its own equipment and has been operating charging stations in the country. As of this time, it is running around 4,600 EV charging stations around North America.
"The EV charging solution including manufacturing, installation, service and aftersales service of chargers enables significant optimization for our customer base which is growing rapidly and ultimately, contributes to rapid deployment of EV fleets," EverCharge chief executive officer, Jason Appelbaum, said in a press release.
On the other hand, SK E&S' vice chairman, Yu Jeong Joon, also said, "Entry into the U.S. EV charging market is a starting point for SK E&S to be transformed into a carbon-neutral energy optimizer as it declared,"
Finally, Yu said that he thinks that SK E&S will soon become a leader in the power solution biz in the North American market. He predicted that this will happen in a few years as the company "leverages its energy solution business capabilities and synergy effects with SK Group."
