Samsung C&T advances into EV charging market

Samsung C&T is making inroads into the electric vehicle (EV) charging market in partnership with an EV charging startup. Samsung C&T, a construction and overseas trading unit of Samsung Group, seeks opportunities to expand its footprint in the burgeoning market in Korea and overseas after it invested in Soft Berry and won an order to build charging stations in resort facilities.

According to automobile industry sources on Thursday, Samsung C&T participated in Series A funding round for Soft Berry early this year. Through the funding round, the startup raised 8 billion won ($5.57 million) from five firms, including SK and Hyundai Motor. Samsung chipped in 900 million won.

Founded in 2017, Soft Berry operates an app providing real-time EV charging information, including the locations and availability of 1.44 million EV chargers nationwide.

Through the partnership with the startup, Samsung C&T is building EV charging stations in Everland Resort, a theme park and vacation resort under Samsung Group. Starting with the facility construction, Samsung C&T wants to expand its new business with a plan to export EV charging facilities overseas. The market for EV charging stations is projected to reach $8.95 billion this year.

Samsung C&T shares were down 1.42 percent to 104,000 won in the morning session of Friday.

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