SK Signet, a South Korea based EV charger manufacturer announced that its regional subsidiary had secured its first European supply deal worth €7.3mn marking a significant milestone in the company’s expansion into the European market. The company announced the launch of its European subsidiary, SK Signet Europe in January. The subsidiary is headquartered in Germany and is focused on developing partnerships and driving sales in Europe’s leading EV markets which include Germany, the UK, Italy, France, and Spain.
SK Signet’s first European deal was sealed in the UK, where the company has established a service center in the Luton region, about 50 kms north of London, to enable immediate customer response and product maintenance. Since, the laws and regulations significantly differ across the nations in the European Union, the company intends to strengthen its position by customising charging solutions and prompt response to customer inquiries.
The European Union has unveiled a “Sustainable and Smart Mobility Strategy” that includes a ban on the sale of new internal combustion engine vehicles from 2035. This new law will eliminate ambiguity in the EU automotive industry and accelerate the adoption of EVs and charging infrastructure. Additionally, the European Commission has proposed a law to reduce carbon dioxide emissions from heavy vehicles and it would mandate a 90% reduction in emissions by 2040. This will drive the need for the development of high capacity charging systems, which SK Signet intends to introduce in the first half of next year.
SK Signet’s V2 ultrafast charger enables electric vehicles to achieve a range of 400 kms on a single charge. In addition, it can charge an EV from 20-80% in just 18 minutes.
While talking about the significance of this deal, SK Signet CEO, Shin Jung -ho said, “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 ultrafast EV chargers”.
SK Signet’s successful bid for its first project in the UK highlights the company’s growing presence and expertise in the European market. This accomplishment is a significant step for SK Signet and is likely to open up further opportunities for the company in the future and thus contributing to the transition towards sustainable transport.