SK Signet Expands Into Europe Following South Korea and U.S. Success

Frankfurt, Germany — Feb 20, 2023 — Sk Signet, the no.1 EV (Electric vehicle) charging solutions provider in the U.S., won its first order worth EUR 7.3 million in the U.K. through its European subsidiary 'SK Signet Europe.' SK Signet Europe, which has begun operations in December last year, aims to accelerate the eV era in Europe with its ultra-fast chargers through this win.

Previously, Sk Signet announced the establishment of its European branch, 'SK Signet Europe' in Frankfurt, Germany at the CES 2023.

Stationed in Germany, which is renowned as Europe's leading automotive market, SK Signet Europe will focus on creating sales and business collaboration opportunities in five major EV market-leading countries: Germany, England, Italy, France, and Spain.

Furthermore, Sk Signet Europe also establishes a service center in Luton, England to facilitate real-time customer response and product maintenance services in the marker. In Europe, every country poses unique challenges due to differing circumstances and sets of laws. Nevertheless, thanks to its long-time experience and success in the U.S. market, SK Signet will further sharpen its edge in Europe through customizable services and ultra-fast EV charging solutions.

In the 'Sustainable and Smart Mobility Strategy' announced in 2020, the EU targets to install more than 3 million EV chargers in Europe by 2023. In addition, the legislative package "Fit to 55" was enacted last year to cut down the region's average carbon emissions by 55% in comparison to that of 1990, until the year 2030. Additionally, on February 14, 2023, the European Parliament formally approved a new CO2 emission reduction legislation after the European Commission reached an agreement. Consequently, sales of new internal combustion engine vehicles will be banned from 2035. The new law will clear uncertainties that existed in the EU car industry and will speed up the proliferation of EV's and EV chargers.

The European Commission also advanced a CO2 emission law for heavy vehicles such as trucks and buses. The proposal requires new trucks to cut emissions by 90% (in comparison to 1990) by 2024. Such a change will stir a need for the development of Megawatt charging systems (MCS), which SK Signet is planning to introduce during the first half of next year.

"Europe, which is spearheading the global EV era, is a significant market for SK Signet and we are committed to electrifying Europe while contributing to the global net zero efforts with our ultra-fast EV Chargers," state Jung-ho Shin, CEO of SK Signet. Meanwhile, Joon Park, CMO of SK Signet stressed, "SK products and services in the European market that is anticipating to electrify Europe."