Lotte, Hyundai, KB team up on ultra-fast EV charging stations

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Lotte, Hyundai, KB team up on ultra-fast EV charging stations

Published: 20 Apr. 2022, 18:02

From left: Lotte Corporation CEO Lee Dong-woo, Hyundai Motor Group President Kong Young-woon and KB Asset Management CEO Lee Hyun-seung pose for a photo at the Signiel Seoul on Wednesday to celebrate their partnership. [LOTTE CORPORATION]

Lotte Corporation, Hyundai Motor Group and KB Asset Management will team up to develop and install ultra-fast electric vehicle (EV) charging stations across the country.

The three companies announced Wednesday that they will form a joint venture under the tentative name Ultra Fast Charger. The company will form within this year and specific stakes weren’t announced.

They will work together to develop an EV charger with 200-kilowatt ultra-fast charging capabilities.

Charging stations will be built at Lotte malls and stores and Hyundai Motor Group’s customer service centers, but other companies will be able to rent charging facilities and install them wherever they want. The company aims to install a total 5,000 by end of 2025.

“Allowing new and small businesses to rent our ultra-fast chargers will cut down on their costs, allowing charging facilities to be accessed from various places in a short period of time,” Lotte Corporation said in a statement Wednesday.

Lotte Data Communication and its EV charger manufacturing subsidiary Joongang Control, owned 71.14 percent by the company, will help develop the fast-chargers and manage them once installed.

Hyundai Motor Group will also participate in development, focusing on quality control and installing the chargers at charging stations. The company’s E-CSP, a service available through the E-pit application that allows users to check EV charging status, pay for charging and earn loyalty points, will be applied at the charging stations.

KB Asset Management will be a financial investor, investing through an infrastructure fund it creates.

In addition to the partnership with Hyundai Motor Group and KB Asset Management, Lotte Corporation said it will further expand into the mobility business such as EVs and urban air mobility.

BY LEE TAE-HEE [[email protected]]