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| LG Electronics supplied an integrated management solution for EV charging stations to the Energy+ Hub, a futuristic gas station of GS Caltex, which opened in Seocho District, Seoul in 2020. / Courtesy of LG Electronics |
By Kim Hyun-bin
Major conglomerates are jumping into the electric vehicles (EV) charging business as a new future growth engine and aim to create synergy with other affiliates within the group, according to company officials, Wednesday.
S-Traffic, which spun off from Samsung SDS, is currently leading the domestic EV charging market, while other major conglomerates such as LG Electronics, Hanwha and LS are entering one after the other.
As of the end of last year, there were 204,000 EVs in the country, and the government plans to increase the numbers to 1.13 million in 2025 and 3 million in 2030. As of the end of 2021, 94,000 electric vehicle charging stations have been installed, while apartment complexes over a certain size are required to install EV chargers starting this year, further increasing installations around the country.
LG Electronics recently signed a stock sale contract with GS Energy and GS Neotek to acquire Apple Mango, a company specializing in EV chargers. LG Electronics predicted the future market prospects brightly, claiming that EV chargers are "part of the preparation for the future."
LG Electronics plans to provide installations of charging stations in homes, shopping malls, hotels and public institutions and aims to link the services with its affiliated businesses, such as displays and energy storage systems (ESS).
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| E-pit, a high-speed charging station for electric vehicles built by Hyundai Motor Group in Euljiro, Seoul. / Courtesy of Hyundai Motor Group |
LS Group established LS E-Link, a subsidiary in EV charging services, in April. LS is also expecting a synergy effect with affiliates within the group, such as LS Cable, which has the technology for fast chargers.
"We will leap forward as a future comprehensive energy solution company by providing differentiated experiences and values ??based on our advanced technology in the fields of electricity, power and materials, in which we have strengths," LS Group Chairman Koo Ja-eun said.
Hanwha Solutions, a solar power company, started the electric vehicle charging business under the brand, Hanwha Motiev. Hanwha Motiev provides total services ranging from EV charging to infrastructure construction to consulting, investment, operation and maintenance.
If the demand for electric power increases due to EV charging in the future, it is expected that the demand for solar power for homes or energy storage devices will increase in order to reduce the burden of electricity bills.
"As renewable energy becomes more active in the future, a flexible electricity trading and supply platform that can respond flexibly to electricity demand and production conditions is required," Hanwha Solutions official said. "(Hanwha Motiev) is a means to create a platform to efficiently supply electricity and contribute to eco-friendly energy total solutions in the long term."
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