GENEVA - SEALSQ Corp (NASDAQ:LAES), a semiconductor and cybersecurity technology firm, announced its partnership with VESTEL, a global manufacturer of electric appliances, to provide security for their Electric Vehicle (EV) Plug & Charge Stations. This collaboration aligns with the international standard ISO 15118, which aims to simplify and secure the EV charging process.
The standard, applicable to both wired and wireless charging, necessitates that EVs and charging stations establish a secure communication link to protect the confidentiality, integrity, and authenticity of exchanged data. SEALSQ's solution integrates its VAULTIC secure element, provisioned with a trusted identity managed through the INeS Managed PKI as-a-Service portal, ensuring compliance with ISO 15118.
Franck Buonanno, VP of Sales at SEALSQ, emphasized the company's capacity to blend PKI, certified semiconductors, and provisioning services into a unified security offering. This approach supports original equipment manufacturers (OEMs) like VESTEL in achieving advanced security and regulatory compliance while reducing deployment complexity and accelerating time-to-market.
Research by Berg Insight estimates the installed base of charging points will reach 22.8 million by 2025, with the majority in Europe and North America being private charging points. Connected charging points in these regions are expected to hit 7.9 million by 2025. IHS forecasts a global increase in EV charging station deployment at a 31% compound annual growth rate, surpassing 66 million units by 2030.
Hakan Kutlu, General Manager of Vestel Mobility, expressed enthusiasm for the partnership, highlighting the use of SEALSQ's cryptographic integrated circuits (ICs) for digital signing to secure metrological measurement data within their charging station products.
The announcement is based on a press release statement from SEALSQ Corp.
InvestingPro Insights
The partnership between SEALSQ Corp and VESTEL is a significant step in the EV charging industry, particularly as the demand for secure and efficient charging solutions grows. VESTEL's financial metrics and analyst expectations, as provided by InvestingPro, suggest a company poised for growth in this expanding market. With a market capitalization of $981.97 million and a low price-to-earnings (P/E) ratio of 8.72, VESTEL appears to be an attractive investment opportunity, especially considering the company's substantial revenue growth of 71.5% over the last twelve months as of Q3 2023.
An InvestingPro Tip highlights VESTEL's position as a prominent player in the Household Durables industry, which could be a key factor in their ability to secure such strategic partnerships. Additionally, VESTEL's commitment to maintaining dividend payments for 10 consecutive years could be reassuring to investors looking for stability and a track record of shareholder returns. The company's strong performance is further underscored by a high return over the last year, with a 52.72% one-year price total return as of the data provided.
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