A Korean energy company has invested $100 million in a Huntersville-based startup named Atom Power that makes electric vehicle charging equipment.
Korea's SK also paid another $50 million to buy out previous investors in the company.
Atom Power was founded in 2014. It makes EV chargers and what it calls the first digital circuit breaker for electric power distribution. The company is headquartered in the Huntersville Business Park.
Atom Power CEO Ryan Kennedy said SK's investment provides capital for expanding the business.
“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,” Kennedy said in a press release. “SK’s backing provides the capital and strategic alignment to support us in driving the new standard for digital power delivery across every industry.”
The deal makes the Korean company the largest outside investor in Atom Power.
Moo-hwan Kim, SK's executive vice president and Head of Green Investment, said the company was attracted by Atom's technology.
“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,” Kim said.