Paper proposes practical near-term solutions to improve the reliability of the U.S. grid and support the nation’s transition to electric vehicles (EVs)
NEW YORK, March 28, 2023 — SK Group, a global leader in energy solutions, has released a new whitepaper, titled ‘Is the Grid Ready for Our Electric Future?,’ that explores sustainable solutions to enhance the performance of the United States' electric grid and accelerate the transition to net zero.
In the shift to cleaner forms of energy, the world increasingly relies on electricity for everything from powering our cars to heating our homes. Intermittent sources of energy, such as solar and wind, also are becoming more important to reduce greenhouse gases while meeting new energy demands, including the rapid growth of electric vehicles.
The whitepaper discusses the challenges and opportunities that will arise from the broad adoption of sustainable energy solutions. Additionally, the paper identifies how companies like PassKey, a subsidiary of SK E&S, are focused on the energy transition and are supporting the evolution to a more sustainable and reliable future.
“The move to new energy sources will deliver tremendous benefits to society, but we need practical alternatives that optimize the grid to distribute the ever-growing loads of renewable energy,” said Jeong Joon Yu, SK Group Vice Chairman and PassKey CEO. “We need to bring new innovations to market, using technologies such as power storage and artificial intelligence, that create a new grid built for the wide-spread adoption of clean energy and EVs.”
Driving Long-Term Solutions
The whitepaper highlights how AI, combined with reliable power storage, can upgrade the current grid to transport energy more efficiently and reliably from renewable sources.
PassKey is one company working on AI-powered solutions to help solve these energy challenges. The company powers Energy Storage Systems (ESS) with AI to predict supply and demand, and optimize the distribution of electricity by intelligently delivering power where and when it’s needed. By predicting the best times to offload and store power from renewables, Passkey ensures EV fleets can recharge their batteries without overstressing the grid.
SK Group Advancing the Transition to Net Zero
PassKey and SK E&S are both part of SK Group, South Korea’s second-largest conglomerate. SK Group is investing billions of dollars globally in clean energy through its companies and has pledged to cut 200 million tons of carbon emissions in 2030, or 1% of global carbon reduction targets.
SK Group, South Korea's second-largest conglomerate, is a collection of global industry-leading companies driving innovations in semiconductors, sustainable energy, telecommunications and life sciences. Based in Seoul, SK invests in building businesses around the world with a shared commitment to reducing global greenhouse gas emissions and increasing the use of renewable energy.
SK companies combined have $139 billion in global annual revenue and employ more than 100,000 people worldwide. SK companies are investing billions of dollars in expanding their U.S. presence with business operations or partnerships in hydrogen energy and fuel cells, EV battery manufacturing and technology, energy storage solutions, pharmaceutical manufacturing and development, semiconductors, and advanced materials. For more information, visit sk.com.
About PassKey PassKey Inc. is a U.S.-based energy transition business of SK E&S, an SK Group operating company and one of South Korea’s largest energy firms. PassKey’s mission is to accelerate the move in the U.S. toward net-zero carbon emissions with affordable and convenient electricity service to customers based on renewables and energy storage, electric vehicle (EV) charging, and advanced software solutions. PassKey’s portfolio includes EverCharge, an EV charging solutions company, and Key Capture Energy, a grid-scale energy storage solutions company. PassKey and SK E&S are part of SK Group. For more information on PassKey, visit passkeyinvest.com.
Joe Guy Collier U.S. Communications, SK Group (347) 899-1587
Kathleen Bentley Juviler
U.S. Communications, SK Group (408) 455-6291