Atom Power, the United States-based startup to digitize power delivery, said Thursday it has closed a $100 million growth round from SK Inc. and SK Energy, the South Korean investors in transformative energy technologies.
The investment in Atom Power follows SK pledging to invest $22 billion across a broad range of technology and clean tech industries in the United States, Atom Power said in a statement.
“Our mission is to power a more intelligent electrification of everything. The electric vehicle (EV) market is massive, rapidly growing, and desperate for a new way to scale, drive revenue and accelerate adoption,
“Our technology is the perfect solution for this perfect storm. SK’s backing provides the capital and strategic alignment to support us in driving the new standard for digital power delivery across every industry,” said Ryan Kennedy, Chief Executive Officer of Atom Power.
Headquartered in North Carolina, Atom Power invented the first and only UL listed commercial solid-state digital circuit breaker — the world’s safest and fastest circuit breaker for smart power distribution and more sustainable energy distribution.
Through its PURPL EV charging solution, Atom Power is tackling the challenges limiting the broad adoption of EVs across the globe.
Atom Power’s growth round builds on the company’s technology, business and partner momentum. Since unveiling the world’s first solid-state circuit breaker and launching its EV charging solution, it has landed dozens of corporate customers, bolstered its world class management team and secured the largest single contract, multi-family EV charging project in New York City.
“We value the core technology of Atom Power, which is the primary driver in deciding to invest in Atom Power. As the major shareholder of Atom Power, we will move forward with Atom Power to expand the business to the entire US and ultimately globally, establishing a competitive energy solution platform,” said Moo-hwan Kim, Executive Vice President (EVP) and Head of Green Investment Center at SK Inc.
In tandem with the $100 million growth investment, SK acquired an additional $50 million stake in Atom Power via previous investors, doubling down on their commitment to fueling the company’s long-term growth and becoming its largest outside shareholder.
“We believe that with SK Energy’s accumulated know-hows as the Korean petroleum market leader and Atom Power’s technological competitiveness, both companies will be able to seek mutual growth: for Atom Power, to expand its business beyond the US Market and for SK Energy, to expedite its transition to a green energy solution & mobility platform service provider,” said Dong-soo Kang, EVP of Platform and Marketing CIC, SK Energy.
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