GENEVA - SEALSQ Corp (NASDAQ: LAES), a semiconductor and cybersecurity technology firm, has announced the development of a new cybersecurity solution designed to protect Electric Vehicle (EV) charging stations. The company's latest technology aims to address vulnerabilities in the EV charging infrastructure, ensuring secure and reliable operations as the industry expands.
SEALSQ's solution is built to comply with the international standard ISO 15118, which outlines a secure communication protocol for EV charging known as Plug & Charge. This standard is expected to be widely adopted in the near future for both wired and wireless charging applications. To meet these security requirements, SEALSQ has integrated Public Key Infrastructure (PKI), certified semiconductors, and provisioning services into its offering.
The technology also incorporates blockchain to create a decentralized network, enhancing security through features such as secure transactions with SEALCoins, a digital currency developed by SEALSQ for machine-to-machine payments. This setup allows for transparent and immutable payment records between EVs and charging stations, with the added benefits of distributed trust and real-time monitoring and management capabilities.
SEALSQ's innovation comes as the EV charging market experiences significant growth. The global market was valued at $19.67 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 25.5% through 2030. In the United States, the market is expected to expand at a CAGR of 29.1% during the same period.
The company's focus on cybersecurity for the automotive industry is a strategic move to address the increasing demand for secure EV charging options. As the number of electric vehicles rises, the need for a robust and secure charging infrastructure becomes more critical. SEALSQ's security measures, including the use of SEALCoins for payment, are designed to provide a secure and efficient charging experience for EV users.
This announcement is based on a press release statement from SEALSQ Corp.
InvestingPro Insights
As SEALSQ Corp (NASDAQ: LAES) targets the burgeoning EV charging market with its innovative cybersecurity solutions, it's essential for investors to understand the financial health and market performance of the company. The latest data from InvestingPro provides a snapshot of SEALSQ's current financial status and market trends.
The company's market capitalization stands at a modest $28.45 million, reflecting its position in the competitive technology sector. Despite a significant return over the last week of 16.98%, SEALSQ has experienced a dramatic price drop over the last year, with a -91.58% return, indicating potential volatility and investor caution in the stock.
InvestingPro Tips highlight that SEALSQ is quickly burning through cash and analysts do not anticipate profitability this year. This aligns with the company's adjusted P/E ratio for the last twelve months as of Q4 2023, which is negative at -5.71, suggesting that investors are currently valuing the company's earnings negatively. Additionally, the company's revenue growth was healthy at 29.57% for the same period, which could be a positive indicator for its future prospects if it manages to control its cash burn rate and achieve profitability.
For investors seeking detailed analysis and further insights on SEALSQ, there are additional InvestingPro Tips available at https://www.investing.com/pro/LAES. These tips can provide a deeper understanding of the company's financials and market performance. To access these insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
SEALSQ's strategic move into the EV cybersecurity space could be a significant driver for growth, but it is crucial for investors to keep a close eye on the company's financial metrics and market performance to make informed decisions. With the total number of additional tips listed in InvestingPro, investors can gain a comprehensive view of SEALSQ's potential risks and opportunities.
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