SEALSQ Selected to Secure VESTEL’s Next Generation “Plug & Charge” EV Charging Stations
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Insights
The strategic partnership between SEALSQ and VESTEL represents a significant development within the electric vehicle (EV) infrastructure sector. The adoption of the 'Plug & Charge' technology, based on the ISO 15118 standard, by a major appliance manufacturer like VESTEL, could indicate a broader industry shift towards more secure and user-friendly charging solutions. The growth potential for EV charging stations is underscored by Berg Insight's projection of an installed base of 22.8 million charging points by 2025. The collaboration could potentially enhance SEALSQ's market position and visibility, particularly as the number of connected charging points is expected to increase substantially. As the EV market continues to expand, companies that provide essential security technology are likely to experience growth in tandem with the infrastructure they support.
The integration of SEALSQ's VAULTIC secure element and INeS Managed PKI as-a-Service portal into VESTEL's charging stations addresses a critical aspect of EV infrastructure: cybersecurity. With the increasing connectivity of EV charging stations, the risk of cyberattacks and data breaches grows. SEALSQ's solution, which involves cryptographic algorithms to ensure data confidentiality, integrity and authenticity, is a proactive measure against such threats. As the EV market matures, cybersecurity will become an even more vital component of the infrastructure, potentially leading to increased demand for advanced security solutions like those offered by SEALSQ. This partnership not only showcases SEALSQ's technical capabilities but also sets a precedent for security standards within the EV charging industry.
SEALSQ's selection by VESTEL to secure EV 'Plug & Charge' stations could have favorable financial implications for the company. By positioning itself as a single security provider across the chain of trust, SEALSQ may streamline VESTEL's deployment process, reducing time-to-market and complexity, which could translate to cost savings and increased efficiency. This efficiency gain could be a competitive advantage in securing future contracts with other OEMs. Investors and stakeholders should monitor the impact of this partnership on SEALSQ's revenue streams and market share, especially given the anticipated compound annual growth rate (CAGR) of 31% for the deployment of EV charging stations globally. The long-term financial outlook appears positive, assuming SEALSQ can maintain its technological edge and expand its customer base within this high-growth market.
Geneva, Switzerland, Feb. 23, 2024 (GLOBE NEWSWIRE) --
Watch full video on: https://www.sealsq.com/applications/automotive
SEALSQ Corp ("SEALSQ" or "Company") (NASDAQ: LAES), a company that focuses on developing and selling Semiconductors, PKI and Post-Quantum technology hardware and software products, today announced that it has been selected by VESTEL, a major global electric appliances manufacturer, to secure their latest Electric Vehicle (EV) “Plug & Charge” Stations.
“Plug and Charge” is a technological concept initially introduced by ISO 15118, the international standard for charging EVs to enable a more user-convenient and secure way of charging. All charging stations will need to support this standard in the near future, which is applicable to both wired (AC and DC charging) and wireless charging use cases.
From a security standpoint, Plug & Charge process requires the EV and charging station to establish and share a secure communication link. Several required actions from both sides ensure confidentiality, data integrity, and authenticity. In practice, ISO 15118 specifies a set of symmetric and asymmetric cryptographic algorithms that secure the necessary level of confidentiality and verify both the integrity and the authenticity of the data exchanged
The implemented solution to achieve compliance with ISO15118 perfectly illustrates SEALSQ’s capability to seamlessly integrate PKI, Certified Semiconductors and Provisioning Services in a single vertical security offering: the combination involves a VAULTIC secure element, provisioned with a trusted identity that is managed through the INeS Managed PKI as-a-Service portal.
“By acting as a single security provider across the chain of trust, SEALSQ is proud to support OEMs like VESTEL, who can achieve the latest level of security and regulation compliance while reducing deployment complexity and time-to-market” said Franck Buonanno, VP of Sales.
The installed base of charging points is set to hit 22.8 million in 2025 according to estimates from research firm Berg Insight, which sees the market in Europe and North America dominated by private charging points. The firm expects the number of connected charging points in the two regions to reach 7.9 million in 2025. Globally, the deployment of EV charging stations should increase at a
Developments continue in the charging stations that VESTEL has developed and put on the market since 2014 to ensure their compatibility with the ever-developing e-Mobility market. In this context, VESTEL integrates the necessary equipment into its products regarding data security, which has gained importance in the ISO15118 technology concept in the sector.
‘‘We are excited to initiate this collaboration with SEALSQ. In our charging station products, we use SEALSQ company's crypto ICs for digital signing purposes to ensure the security, integrity, and verification of the source of metrological measurement data”, said Hakan Kutlu, General Manager of Vestel Mobility.
About VESTEL MOBILITY
Vestel Mobility is a part of Vestel Group which is a renowned global leader in the field of innovation and technology. Vestel Mobility is actively contributing towards the future of transportation by specializing in automotive electronics, battery solutions, and electric vehicle (EV) chargers.
In the automotive electronics sector, Vestel Mobility excels in engineering and manufacturing advanced electronic control units (ECUs), EV powertrain components and cockpit electronics such as clusters and infotainment displays.
Vestel Mobility is also a prominent player in the battery solutions arena, producing high-quality battery packages for eBikes, telecom towers, and energy storage systems. These solutions cater to a wide range of residential, commercial, industrial and utility applications.
Furthermore, Vestel Mobility showcases its commitment to promoting sustainable transportation systems by offering a comprehensive range of EV chargers. With both AC and DC options available, Vestel aims to provide seamless and eco-friendly charging infrastructure to support the growing adoption of electric vehicles.
With over 40 years of experience, a vast city-size 1.3 million m2 industrial complex, 11 offices based around the world, clientele from over 160 countries, a client-orientated mindset, and true R&D, Vestel embodies a legacy of excellence and a commitment to advancing industries at the intersection of innovation and sustainable solutions.
https://vestelinternational.com/en/
About SEALSQ
SEALSQ focuses on selling integrated solutions based on Semiconductors, PKI and Provisioning services, while developing Post-Quantum technology hardware and software products. Our solutions can be used in a variety of applications, from Multi-Factor Authentication tokens, Smart Energy, Smart Home Appliances, and IT Network Infrastructure, to Automotive, Industrial Automation and Control Systems.
Post-Quantum Cryptography (PQC) refers to cryptographic methods that are secure against an attack by a quantum computer. As quantum computers become more powerful, they may be able to break many of the cryptographic methods that are currently used to protect sensitive information, such as RSA and Elliptic Curve Cryptography (ECC). PQC aims to develop new cryptographic methods that are secure against quantum attacks.
For more information please visit www.sealsq.com
Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipates will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to implement its growth strategies; SEALSQ’s ability to generate revenue from emerging new semiconductors; SEALSQ’s ability to generate revenue from Matter certification and the new cyber trust mark standards; the successful introduction of the WISeSat picosatellite constellation; SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.
SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
Press and investor contacts
SEALSQ Corp. Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@sealsq.com | SEALSQ Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +212 836-9612 / kmurphy@equityny.com |
Vestel Mobility
Company Contact: Hakan Kutlu
General Manager
Tel: +90 236 233 01 31
hakan.kutlu@vestel.com.tr
FAQ
What is the main focus of SEALSQ Corp (LAES) according to the PR?
What is the significance of the 'Plug & Charge' concept mentioned in the PR?
How does SEALSQ's solution ensure compliance with ISO 15118?
What are the market growth projections for EV charging stations mentioned in the PR?
How does VESTEL ensure data security in its charging station products?
