SK E&S acquires EverCharge to enter the U.S. EV charger market

The purchase marks the first time a Korean company buys the management rights of an EV charging company based in the United States.

SK E&S has announced the acquisition of EverCharge marking the first time a Korean company has acquired the management rights of an EV charging company based in the U.S. The charging solutions provider currently has installed and operates 4,600 EV chargers across North America including the U.S. and Canada.

"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. I believe SK E&S will become a leading power solution company in the North American market within years as it leverages its energy solution business capabilities and synergy effects with SK Group," said Yu Jeong-joon, Vice Chairman of SK E&S.

The news comes after the official announcement at the beginning of March from SK E&S that will finance SK E&S Americas with $400 million to invest in energy solutions businesses in the U.S. Apart from acquiring EverCharge, the capital will be used to make additional investments in the energy solution sector.

"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," added Jason Appelbaum, CEO of EverCharge.

With this purchase, SK E&S aims to respond effectively to the rapid growth of the EV charging market in the U.S. In addition, it is a step forward into its strategy to become a "global top-tier energy solution provider" by connecting the business to its existing business.

With the acquisition of Key Capture Energy (KCE), a U.S. grid solution provider, and investments in Rev Renewables, a U.S. energy solution provider, last year, the Korean energy company plans to provide a comprehensive energy solution service that offers grid, distributed energy resource and mobility all together in the U.S.