SK E&S Enters US EV Charging Market with EverCharge Acquisition

SK E&S is entering the U.S. electric vehicle charging market. SK E&S announced the acquisition of EverCharge, a leading EV charging solution provider in the U.S.

This is the first time a Korean company has acquired the management rights of an EV charging company based in the U.S.

SK E&S made an official announcement that it will finance SK E&S Americas with $400 million to invest in energy solutions businesses in the U.S., which will be used to acquire EverCharge and make additional investments in the energy solution sector.

EverCharge provides expertise in scalable installation and deployment of EV charging in parking facilities including workplaces, multi-family communities and commercial fleet segments.

EverCharge was the industry's first electric vehicle supply equipment (EVSE) to receive the California Type Evaluation Program (CTEP) certification required by the state for an EV charger.

EverCharge's chargers are connected by a mesh network that allows greater coverage than conventional Wi-Fi and works even in the harshest underground environments, allowing for reliable operations of chargers in parking garages and other locations.

Another aspect that makes the company more competitive is its capability of electric power load management. It enables 5 times more chargers to be installed and operated than traditional charging systems.

An EV charger used to be installed considering its maximum power output, which resulted in limited electric circumstance and installation of a fewer number of chargers. This was the biggest pain point of EV users.   

EverCharge uses dynamic load management to address this challenge. The solution is designed to effectively manage and control the electric power load of a building as well as to analyze charging patterns of EVs to efficiently allocate available power to EVs so that more chargers can be installed and operated with flexibility without utility upgrade.

"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," said Jason Appelbaum, CEO of EverCharge.