Hyundai Motor Group to Establish SPC for Ultra-Fast Electric Vehicle Charging Infrastructure... "5,000 Units to Be Installed by 2025"

원본보기 아이콘

[Asia Economy Reporter Yoo Hyun-seok] Hyundai Motor Group is accelerating the establishment of ultra-fast electric vehicle (EV) charging infrastructure to maximize charging convenience for EV customers and continuously expand the EV charging ecosystem.

On the 20th, Hyundai Motor Group announced that it signed an agreement at Signiel Seoul in Jamsil, Seoul, with Lotte Group and KB Asset Management to promote the establishment of a special purpose company (SPC) for ultra-fast EV charging infrastructure.

The signing ceremony was attended by Gong Young-woon, President of Hyundai Motor Group, Lee Dong-woo, CEO of Lotte Holdings, and Lee Hyun-seung, CEO of KB Asset Management. The agreement is based on the business capabilities and mutual cooperation of the three companies, aiming to promote the establishment of an ultra-fast EV charging infrastructure SPC that contributes to the expansion of the ultra-fast EV charging ecosystem.

Hyundai Motor Group plans to start the SPC business in earnest within this year after reviewing the business model and specific operational plans together with Lotte Group and KB Asset Management.

The three companies plan to develop a business model for ultra-fast charging infrastructure through the SPC by leasing ultra-fast EV chargers (up to 200kW) to charging operators and others. They will engage in the purchase, leasing, and specification management of ultra-fast chargers to build the charging infrastructure.

First, to provide convenience for EV customers to easily access ultra-fast chargers and charge faster even during urban driving, ultra-fast chargers will be installed using sites in major urban business areas nationwide. Subsequently, through recruiting charging operators, 5,000 ultra-fast chargers will be installed in major urban areas nationwide by 2025. This corresponds to operating 2,500 chargers, with two charging connectors installed per charger.

By utilizing the SPC’s ultra-fast charger leasing business, the initial cost burden of purchasing and installing ultra-fast chargers for charging operators will be reduced, making market entry easier. It is expected that ultra-fast charging infrastructure will rapidly expand in major urban areas within a short period.

Hyundai Motor Group will provide major urban business sites such as its nationwide sales branches, service centers, and parts offices as installation sites for ultra-fast EV chargers. Additionally, based on its EV technology, it will support the SPC in securing stable ultra-fast charger quality by providing verified standard specifications for ultra-fast chargers.

Hyundai Motor Group plans to link the SPC business model with its EV charging service platform (E-CSP) in the future to offer various customer services aimed at enhancing convenience for EV customers.

Lotte Group will provide its major distribution facilities in urban areas nationwide as installation sites for ultra-fast EV chargers to expand the distribution of ultra-fast chargers. KB Asset Management will form an infrastructure fund to invest as a financial contributor and support the necessary funds for the ultra-fast EV charging infrastructure business, promoting multifaceted collaboration.

A Hyundai Motor Group official said, “In line with the expansion of high-voltage battery charging system EVs such as Hyundai Ioniq 5 and Kia EV6, we will make multifaceted efforts to establish ultra-fast charging infrastructure,” adding, “In accordance with the government’s eco-friendly vehicle expansion policy, we will contribute to the mid- to long-term expansion of the domestic EV charging business and lead the EV charging ecosystem.”

Meanwhile, Hyundai Motor Group has been leading the cultivation of the domestic EV charging infrastructure ecosystem since launching the ultra-fast EV charging brand E-pit in March last year.

As of April 2022, Hyundai Motor Group operates E-pit charging stations at 12 highway rest areas nationwide and 6 major urban hubs. Along with this, it is contributing to the qualitative and quantitative growth of the domestic EV charging ecosystem by developing the ‘Electric Vehicle Charging Service Platform (E-CSP)’ to improve EV charging service quality, expand customer convenience, and foster charging operators.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.