[IPO]Chaebi: "The Fast-Charging Infrastructure Market for EVs Is Winner-Takes-All... We Will Be the Winner"

by Jang Hyowon

Published 14 Apr.2026 13:31(KST)

CEO Younghoon Choi of Chaebi is explaining the company's growth strategy after listing at the IPO briefing session. Provided by Chaebi

Chaebi, South Korea's leading operator of fast-charging infrastructure for electric vehicles, has unveiled its business competitiveness and future strategy ahead of its planned KOSDAQ listing. On April 14 in Yeouido, Seoul, CEO Younghoon Chae held a press briefing to explain the growth potential of the fast-charging infrastructure business and the company's plans to strengthen its market dominance.

CEO Chae stated, "Fast-charging infrastructure is akin to the 'jeans industry' of the electric vehicle era and offers the highest profit leverage within the electric vehicle value chain. Because the structure of this business rewards the operator who secures key sites, Chaebi is well positioned to emerge as the winner."

Chaebi is the only integrated value chain company in South Korea that handles the entire process from the development and manufacturing of chargers to installation, operation, and after-sales service. The company currently owns and operates approximately 6,000 fast-charging points directly, and when including government-operated units, manages over 10,000 chargers. This places Chaebi among the top-tier players globally in terms of scale.

The electric vehicle market is experiencing rapid growth. As of March this year, 41,204 electric vehicles were newly registered out of a total of 164,393 newly registered vehicles in South Korea, accounting for 25% of the total. This figure is about 2.2 times higher than in the same month last year. Cumulative sales have surpassed 1,020,948 units, exceeding the one-million mark. Industry experts anticipate that around 400,000 electric vehicles will be sold this year, which exceeds both Chaebi's IPO-provided outlook of 240,000 units and its optimistic scenario for 2027 (360,000 units).

This surge in demand is closely tied to government policy. These include the continuation of electric vehicle subsidies, an increase in the subsidy budget by an additional 230 billion won, mandatory sales quotas for zero-emission vehicles, and higher contributions in case of non-compliance. As a result, the transition to electric vehicles has become a de facto essential task for automakers. In particular, the required contribution per vehicle has increased significantly from 600,000 won to 3 million won, and the policy of recognizing sales of internal combustion engine and hybrid vehicles has been abolished. This is expected to further accelerate the expansion of the electric vehicle market.

A company representative explained, "While the demand for electric vehicles is increasing rapidly, the supply of fast-charging infrastructure is actually declining, leading to a deepening supply-demand imbalance in the market. This environment is expected to favor operators who have proactively built infrastructure."

In fact, during the same period, new installations of fast chargers dropped by 95% year-on-year, making the supply shortage a reality. For Chaebi, the business model allows for a turnaround to profitability when the average number of daily charges per slot reaches 2.8. The company has already surpassed its initial quarterly target of two charges per slot in the first quarter of this year. This achievement is attributed to both the end of the grace period for mandatory installation of slow chargers and increased utilization rates.

CEO Chae said, "We are targeting a turnaround to EBITDA profitability in the fourth quarter of this year, and expect to achieve profitability on an operating profit basis next year. The combination of rising charging demand and limited infrastructure supply could advance the timing of our profitability even further."

Chaebi's core competitive strengths are its location strategy focused on public sites and its operational efficiency. About 71% of its charging locations are secured on public land, which incurs no rental costs, resulting in higher profitability compared to other charge point operators. In addition, the company's average failure rate is about half that of competitors, while repairs are completed 1.5 times faster. Chaebi also directly manages nationwide A/S centers and customer service centers, and has proven its operational capabilities by winning the Ministry of Climate, Energy and Environment's fast-charging facility maintenance contract for four consecutive years.

The company is also accelerating its global expansion. Chaebi has established a corporation and logistics base in Riverside, California, and is forming partnerships with EEE, an energy company in the UAE, Four Seasons Technology in Canada, and SPT Group in the United States, thereby expanding its business into North America and the Middle East. Notably, in relation to the United States' USD 5 billion electric vehicle infrastructure support program (NEVI), Chaebi has been selected as an operator and manufacturer for the California subsidy project (CALeVIP), securing local references. The company is also planning to establish local production lines and a joint venture in India.

Chaebi is pursuing a transition beyond charging infrastructure to become an energy platform company. In cooperation with Korea Electric Power Corporation, it is operating large-scale multi-purpose charging stations that combine solar power, ESS, and charging stations, and is also establishing a V2G platform to enable bi-directional energy trading.

CEO Chae emphasized, "Charging infrastructure is no longer simply an equipment business, but an industry where operational efficiency and profitability are key. With the funds raised through the listing, we will accelerate the preemptive acquisition of key sites, advancement of ultra-fast charging technology, and global expansion." He added, "In the long term, we aim to grow into a platform operator that manages the flow of energy in an integrated manner and creates sustainable revenue streams."

Meanwhile, Chaebi is set to become the first electric vehicle charging infrastructure operator to be listed on KOSDAQ. The company will publicly offer a total of 10 million shares, with the desired offering price set at between 12,300 won and 15,300 won per share. The institutional demand forecast will run until April 16, and the general subscription will take place from April 20 to 21. KB Securities and Samsung Securities are acting as lead managers, with Daishin Securities and Hana Securities as co-managers.