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SK Signet ready for EV charger production in US

June 7, 2023 - 22:02 By Byun Hye-jin
Government officials and company executives celebrate the completion of SK Signet’s new EV charger plant in Plano, Texas, on Monday. Sixth from left is Adriana Cruz, executive director of economic development and tourism in the office of Texas, and to her left is SK Group Vice Chairman Yoo Jung-joon, the group’s public relations chief in the US. (SK Signet)

SK Signet, the electric vehicle charger maker affiliated with SK Group, said Wednesday it will start production of EV chargers in the US next month with the completion of its new plant in Texas.

The new plant will be producing 10,000 units of its 400-kilowatt EV charger per year. It aims to double production capacity to an annual 20,000 units in phases.

“By 2025, we look to boost our global sales to 1 trillion won ($768.3 million), compared to last year’s 160 billion won. Our goal is to secure a 30 percent market share in the global EV market in the cited period,” SK Signet CEO Shin Jung-ho said during a press conference held at the Texas plant on Monday.

Along with the CEO, Adriana Cruz, executive director of economic development and tourism in the office of Texas, and some 150 government officials and executives from partners and client companies joined the ceremony to celebrate the completion of the company’s first US plant on the day.

The company touted the V2 as the fastest-charging EV charger ever made in the US. It can charge Hyundai Motor’s flagship EV Ioniq 5 to 80 percent in 15 minutes.

During a showcase event held on the sidelines of the event, the charger was plugged into two prototype EVs installed with 800-volt and 400-volt battery packs, respectively, powering them up to 250kW and 150kW in about 20 seconds.

The US production comes after SK Signet last year vowed to invest $15 million in the Texas plant and another $12 million for its capacity expansion.

“We will proactively respond to the US subsidy policy for EV charging infrastructure and create a strong foothold as an industry leader,” the CEO said.

The National Electric Vehicle Infra Formula Program, or NEVI Program, provides a total of $5 billion for the next five years for EV charging stations operating in the US. The company stressed that it has already partnered up with local companies to manufacture steel cases that are used in chargers from later this year.

In addition to the NEVI subsidy, the city government of Plano, Texas, has also provided diverse incentives worth $1 million as well as support for workforce recruitment.

Since 2018, SK Signet has installed more than 2,500 EV chargers in the US, boasting a No. 1 market share of about 40 to 50 percent in the ultra-fast charging market that outpaces Tesla.

The company predicted the fast charger market in the US would grow from this year’s $91.9 billion to $155.1 billion by 2025.