SK Backs Atom Power with $100M in Funding to Redefine EV Charging Infrastructure
Breakthrough power delivery solution fueling a new wave of scalable, cost effective, flexible EV infrastructure in the U.S.
August 18, 2022 — Atom Power, the first company to digitize power delivery, has closed a $100 million growth round from SK Inc. and SK Energy, leading global 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.
Consumer demand, commercial imperatives, and congressional incentives have all aligned to drive massive EV growth. But the EV market has a problem: scaling the charging infrastructure to keep up with demand. Atom Power directly addresses this challenge with the world’s first and only digital power delivery solution for the last mile of charging. By transforming power delivery from analog to digital–from meter to the car–Atom Power creates infinite flexibility, changes the economics of EV charging, and dramatically accelerates reliable deployments. Atom Power gives customers the essential power delivery solution to achieve their EV imperatives, ensure a high return on their investments and advance EV adoption broadly.
“Our mission is to power a more intelligent electrification of everything. The EV market is massive, rapidly growing, and desperate for a new way to scale, drive revenue and accelerate adoption,” said Ryan Kennedy, CEO of Atom Power. “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.”
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, Atom Power 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,” said Moo-hwan Kim, EVP and Head of Green Investment Center at SK Inc. “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.”
In tandem with the $100M growth investment, SK acquired an additional $50M 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.
Piper Sandler & Co. served as exclusive financial advisor to Atom Power for the transaction.
About Atom Power
Atom Power’s digital power delivery solutions enable the more intelligent electrification of everything. 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.
LaunchSquad for Atom Power
From left to right: Kim Moo-hwan, vice president and head of SK's Green Investment Center and Ryan Kennedy, Atom Power CEO, pose for photo with Kang Dong-soo, head of SK Energy's S&P promotion team, at the signing ceremony for SK's investment in Atom Power Inc. (Photo provided by SK Inc.)