SK ties up with BlackRock-backed Korean startup for EV chargers

SK Signet Inc., South Korea’s electric vehicle charger manufacturer, joined hands with a local renewable energy startup backed by global asset manager BlackRock to speed up the expansion of ultra-fast charging infrastructure in the country.

SK Signet said on Friday that it had recently signed a memorandum of understanding (MOU) with Water, the charging point operator of Brite Energy Partners Co., whose largest shareholder is BlackRock, to cooperate in the business.

SK Signet and Water also agreed to collaborate on installing ultra-fast chargers for electric buses and trucks while improving infrastructures for diversifying electric vehicle models.

“Through the partnership with Water, we aim to contribute to the popularization of EVs while further expanding the domestic ultra-fast charging infrastructures,” said SK Signet Chief Marketing Officer Joon Park.

Charging speed and infrastructure are key concerns among potential EV consumers as battery and carmakers have improved safety and mileage issues.

TO SPEED UP ELECTRIFICATION

Water founded in 2022 has been expanding the ultra-fast charging infrastructure in South Korea to become one of the three largest players in three years.

“We must quickly increase fast and ultra-fast chargers for drivers’ convenience at heavy traffic zones such as rest areas on highways and local transportation bases to accelerate electrification,” said Brite Energy Chief Investment Officer Yu Daewon, who manages Water.

SK Signet is expected to secure additional sales channels through the partnership with Water, which will buy fast and ultra-fast chargers from the subsidiary of South Korea’s No. 2 conglomerate SK Group and use its maintenance and management services for the products.

SK Signet is set to connect its chargers and Water’s charging station management systems in the cooperation. Water plans to install and operate ultra-fast chargers, review the establishment of charging stations and design user interface (UI) and user experience (UX).

Write to Hyung-Kyu Kim at khk@hankyung.com
 
Jongwoo Cheon edited this article.