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U.S. President Joe Biden (left) waves his hand to SK Group chairman Chey Tae-won (lower right) at the White House in Washington on Aug. 26 (local time).

SK Signet is drawing attention after one of its officials attended a recent video conference between U.S. President Joe Biden and SK Group chairman Chey Tae-won. SK Signet is engaged in the electric vehicle charging business. It is a small company with annual sales of 80 billion won in 2021.

SK Signet CEO Shin Jung-ho recently held an IR event for investors. “We are pushing for the establishment of a new plant in the United States to enter the U.S. market in earnest,” Shin said in the event. Shin added that he would soon announce a specific U.S. investment plan in a board meeting.

SK Inc., an investment holding company of SK Group, acquired a 53.4 percent ​​stake in SK Signet in 2021. 

SK Signet estimates its US ultra-fast charging market share at 70 percent. Although it has the second-largest share in the global market and the largest share in the U.S. market, it is still a small company as the ultra-fast charging market itself is small. In the first half of this year, it racked up 54 billion won in sales. Its operating profit was known to be meager.

The U.S. ultra-fast charging market is estimated at less than 200 billion won. SK Signet expects its annual sales to grow to 900 billion won by 2025.

Given the small size of the company, industry observers say that it was unusual for the head of SK Signet’s U.S. subsidiary to attend the meeting between President Biden and the SK Group chairman.

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