Our company became a part of the SK Group family in May 2022, and as of March 30, 2023, our corporate name will be changed from 'YES POWERTECHNIX' to 'SK powertech' in order to reinforce our brand image as a power semiconductor technology company. We intend to implement the SKMS(SK Management System) and actively engage in ESG management as a true member of the SK Group. We believe that utilizing the SK brand will offer us an opportunity to demonstrate our commitment to these principles.
Power semiconductors, typically composed of silicon-based materials, are essential to powering everyday devices. In recent years, there has been an increase in issues such as heat generation and power consumption in fields that require high voltage and high current, such as electric vehicles and railways. These areas require new materials.
SiC power semiconductors have gained popularity in recent years due to their potential to address these issues. As the electric vehicle market expands and efficient energy management becomes a priority, SiC power semiconductors are expected to play a key role in the energy market, with an estimated growth rate of over 30% per year.
Existing power semiconductor companies based on silicon are also focusing on developing and producing SiC-based power semiconductors in order to dominate this market. With government attention and investment, this field is growing rapidly every year.
Leveraging the experience of the first commercialization of SiC power semiconductors in Korea and the synergy effect of SiC wafer materials within the SK Group, SK powertech has become a company with global competitiveness in the manufacturing sector. We are enhancing our ability to respond to major customers and business partners to accelerate global M/S expansion.
Our ultimate objective is to generate sustainable happiness for stakeholders through our ESG management approach.
We pledge to deliver sustainable growth and profitability to our esteemed shareholders and investors by maintaining transparent and ethical management practices built on trust.
We commit to enhancing customer satisfaction and value by providing services that cater to their needs and the environment.
In collaboration with our business partners, we aim to build a mutually beneficial ecosystem that fosters mutual growth.
Our objective is to promote regional economic revitalization and expand our positive influence by continuously growing our company.
To achieve our goal of securing exceptional talents, we will evaluate and compensate our employees fairly based on their performance and pursue their happiness.
We will also practice environmental management through carbon reduction activities, such as Net-Zero, to respond to climate change and provide value to all our stakeholders.
Formerly, controlling nations and companies through resources was the norm, but in today's technology-driven world, we must domesticate SiC power semiconductors. The SiC power semiconductor industry has a significant impact on employment and related industries such as component and equipment production, as the non-memory semiconductor industry manufactures various small-batch productions. We can create employment opportunities by developing related industries and nurturing component experts.
Despite the financial instability and economic slowdown that surround us, SK powertech will remain committed to our company's vision of becoming a Global Top SiC Power Semiconductor Company by 2030, following our corporate name change.
As the Only One company in the SiC Power Semiconductor field, we will accept challenges with unrelenting passion and wisdom. We appreciate your support and encouragement as we embark on this journey.
March 30, 2023
SK powertech CEO, Noh Gyeong-Young