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    A034730   KR7034730002

SK INC.

(A034730)
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End-of-day quote Korea Stock Exchange  -  2022-09-22
214500.00 KRW   -3.38%
09/14South Korean companies that have joined RE100
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09/07SK E&S Secures Mining Rights for Carbon Dioxide Storage
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08/30SK Inc. announces an Equity Buyback for KRW 200,000 million worth of its shares.
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Korea's SK invests $100 million in EV-focused startup Atom Power

08/18/2022 | 06:05am EDT
FILE PHOTO: The logo of SK is seen in front of its headquarters in Seoul

DETROIT (Reuters) - Korea's SK Inc has invested $100 million in North Carolina startup Atom Power, which aims to upgrade the electric vehicle (EV) charging experience in the United States with new hardware and software, the companies said Thursday.

Based in Huntersville, North Carolina, eight-year-old Atom Power has developed a digital circuit breaker that provides more control, flexibility and reliability to EV charging, especially for commercial fleet operators and managers of multi-family dwellings, according to Chief Executive Ryan Kennedy.

Atom Power's EV pedestal and wall chargers include an Internet-connected digital panel that houses the company's solid-state circuit breakers. The devices enable safer charging, the company says, because high voltage is eliminated at the pedestal or wall box while vehicles are not charging.

The EV market is "desperate for a new way to scale, drive revenue and accelerate adoption," Kennedy said, adding that Atom Power's device can be used in other industries to shift from analog to digital power delivery.

SK said Atom Power's core technology was "the primary driver" behind its decision to invest.

The SK group, Korea's second-largest conglomerate after Samsung, also acquired an additional $50 million stake in Atom Power from earlier investors, making SK the largest outside shareholder.

SK said it intends to expand Atom Power's business across the U.S. "and ultimately globally."

Atom Power previously had raised funds from the corporate investment arms of Siemens and ABB, according to investor website PitchBook. The two European industrial giants are key players in EV charging technology and systems.

SK has a multibillion-dollar joint venture with Ford Motor to build EV batteries in Kentucky and Tennessee, and supplies batteries to Volkswagen's U.S. operation from its Georgia plant.

(Reporting by Paul Lienert in Detroit; Editing by David Holmes)

By Paul Lienert


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD -1.56% 25.2 Delayed Quote.-27.79%
FORD MOTOR COMPANY -3.60% 12.31 Delayed Quote.-38.52%
SAMSUNG ELECTRONICS CO., LTD. 0.18% 54500 End-of-day quote.-30.40%
SIEMENS AG -0.43% 98.63 Delayed Quote.-35.40%
SK INC. -3.38% 214500 End-of-day quote.-14.54%
VOLKSWAGEN AG -4.89% 140.16 Delayed Quote.-21.03%
All news about SK INC.
09/14South Korean companies that have joined RE100
RE
09/07SK E&S Secures Mining Rights for Carbon Dioxide Storage
MT
08/30SK Inc. announces an Equity Buyback for KRW 200,000 million worth of its shares.
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08/30SK Inc. authorizes a Buyback Plan.
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08/18Korea's SK invests $100 million in EV-focused startup Atom Power
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08/18SK Inc. and SK Energy Co., Ltd. agreed to acquire a majority stake in Atom Power, Inc f..
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08/16SK Group Invests $250 Million in US-based TerraPower
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08/15TRENDING : South Korea's SK Inc. Joins TerraPower Funding Round
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08/15TerraPower, LLC announced that it has received $750 million in funding from SK Inc., SK..
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Financials
Sales 2022 129 008 B 91,0 B 91,0 B
Net income 2022 3 116 B 2,20 B 2,20 B
Net Debt 2022 41 706 B 29,4 B 29,4 B
P/E ratio 2022 5,02x
Yield 2022 3,79%
Capitalization 14 525 B 10 245 M 10 245 M
EV / Sales 2022 0,44x
EV / Sales 2023 0,44x
Nbr of Employees 4 193
Free-Float 49,7%
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Technical analysis trends SK INC.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 11
Last Close Price 214 500,00 KRW
Average target price 358 181,82 KRW
Spread / Average Target 67,0%
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Managers and Directors
Tae-Won Chey Chairman & Co-Chief Executive Officer
Dong-Hyun Jang President, Co-Chief Executive Officer & Director
Jung-Ho Park Co-President & Co-Chief Executive Officer
Eui-Dong Jang Executive Board Member & Head-Finance
Jae-Ho Yeom Chairman
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