Korean IT companies actively engage in EV charging business

Shinsegae I&C Co.’s EV charging service Spharos EV [Photo provided by Shinsegae I&C]

Information technology (IT) companies under South Korean retail conglomerates are aggressively advancing into the country’s electric vehicle (EV) charging market by capitalizing on the groups’ distribution networks.

Shinsegae I&C Co., a retail tech unit under Shinsegae Group, said Tuesday that it has installed 1,100 EV charger units across the country since it launched its EV charging service Spharos EV in October last year.

The company is planning to open Spharos EV charging stations at major retail stores under the Shinsegae Group in the second half of this year.

“We initially planned to build about 2,300 charging stations by the end of this year,” said an official from Shinsegae I&C. “However, we expect to build far more as we have won orders to build large EV charging stations amid expansion of charging infrastructure in residential areas, including apartments.”

Lotte Data Communication Co., a digital transformation unit of retail giant Lotte Group, is also planning to install about 3,300 chargers this year, up from last year’s 700 units, after its acquisition of EV charger manufacturer JoongAng Control Co. last year.

The company, in particular, plans to install about 1,500 units at 141 Lotte department stores and discount stores across the country this year, far exceeding last year’s 500 units.

JoongAng Control already won an order in January last year to operate 175 EV charging facilities in Cheongju, North Chungcheong Province, and has been building about 800 chargers for 55 Homeplus stores since February.

JoongAng Control managed to swing to a profit in the fourth quarter of last year on the back of increased orders.

Industry insiders expect Lotte Data Communication to seek overseas expansion in its EV charging business.

Indonesia, which is moving its capital from Jakarta to the island of Borneo, is a strong candidate for its business given the strong demand for EV charging infrastructure in the newly built smart city capital.

LG Uplus Corp., one of Korea’s three telecommunications providers, is also deeply engaged in the EV charging market.

The company earlier launched VoltUp, a search and reservation platform for EV charging stations, in two major app markets.

The company currently provides a 10 percent discount to LG Uplus membership customers. It is considering adding VoltUp to its subscription platform service Udok.

Its affiliate LG Electronics Inc. is expected to be in charge of producing and supplying EV chargers.

LG Electronics recently completed the construction of a production line at LG Digital Park in Pyeongtaek, Gyeonggi Province, following its acquisition of AppleMango Co., a local EV charger maker, last year.

The company plans to release slow and fast EV charger products in Korea by June.