Hyundai Motor Group, Lotte Group and KB Asset Management has signed an agreement to establish an SPC(Special Purpose Corporation), named UFC(Ultra Fast Charger) to expand the electric vehicle high-speed charging infrastructure in South Korea. The three companies, including Hyundai Motor Group, plan to develop a super-fast charging infrastructure business model that leases electric vehicle super-fast chargers (up to 200 kW) to private operators through SPC. Therefore, the SPC will not be the operator but will leave this to the actual CPOs.
Hyundai and its partners target setting up 2,500 chargers with two charging points per station in major cities across the country by 2025 through recruitment of charging companies. The plan is to setup 5,000 charging points by 2025, this will then become part of various roaming infrastructures. Hyundai wants to add “major downtown business sites,” such as their national sales and service centers and offices, to install high-speed electric vehicle chargers through the new SPC.
Hyundai expects DC charging infrastructure to spread faster to large cities and operators to save on installation costs by leasing the chargers. Meanwhile, Hyundai Motor Group launched ‘E-pit’, a high-speed electric vehicle charging brand, in March last year, leading the development of the domestic electric vehicle charging infrastructure ecosystem. The group announced plans to install 120 HPC columns, each with up to 350kW charging capacity. The company has reported that it is now operating so-called E-pit charging stations at twelve highway locations and six urban hubs.
Lotte Group, too will provide its retail facilities such as department stores and shopping malls in major cities as locations to install the new EV chargers. For the Group, it is a further array into e-mobility. Subsidiary Lotte Data Communication acquired Joongang Control, the country’s second-largest manufacturer of charging systems for electric vehicles, in 2021. KB Asset Management acts as a financial investor for those wanting to install the new UFCs.
According to the Ministry of Environment, Korea has around 100,000 charging units at present, with nearly 40 per cent situated in Seoul and neighbouring large cities. Only 13,000 units offer ultra-rapid charging.
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