Electric Vehicle Fast Charging Network 'WATER' Launch... Expected to Drive Qualitative Growth of Domestic Charging Infrastructure

- Tesla Supercharger, following Hyundai Epit, introduces the new domestic EV fast charging network 'Water'
- Electric vehicle charging brand of Bright Energy Partners Co., Ltd., with BlackRock as the largest shareholder

Electric vehicle fast charging network WATER (hereinafter ‘WATER’) is making its full-scale entry into the domestic electric vehicle charging infrastructure market, starting with its first store in Gwanghwamun, Seoul. WATER revealed its ambition to create an open fast charging network accessible to all electric vehicles nationwide, innovating the existing fast charging experience as an alternative to Tesla Supercharger and Hyundai Motor Group’s E-pit.

Starting with the first store ‘WATER Gwanghwamun’ opening on November 14, WATER plans to open charging stations in Euljiro, Seoul; Daegu; Yangyang, Gangwon; Sejong City; Boryeong and Taean, Chungnam; and Jeju Island by the first half of next year, with a goal of opening 100 locations by 2025. Daewon Yoo, Chief Investment Officer (CIO) of Bright Energy Partners Co., Ltd., which launched WATER, stated, “We aim to set a new standard for electric vehicle charging by radically shortening the complicated charging and payment steps, creating premium-designed charging station spaces, and providing an app service that does not require issuing a separate membership card.”

WATER has innovatively simplified both the charger and mobile app to remove complicated steps and allow users to complete the charging process easily. Unlike existing charging methods, upon arriving at the charging station, users first connect the connector to their vehicle and then scan the QR code displayed on the charger to start charging immediately. Unlike fast charging stations operated by automakers, WATER’s network can be used by all electric vehicles without vehicle type restrictions. Scanning the QR code automates charging and payment, making it easy to use, and the premium charging station space designed in a highly visible blue color makes it easy to find the station.

The existing electric vehicle charging market has been focused on installing slow chargers based on government subsidies. However, slow charging takes about 5-6 hours or more, roughly ten times longer than fast charging, making it suitable only for places where vehicles stay for extended periods, such as homes or workplaces. Management consulting firm McKinsey forecasts that with the explosive growth in electric vehicle demand, the need for public charging stations will surge, and to meet this demand, expanding fast charging infrastructure that allows drivers to quickly charge the necessary amount and depart is essential. Daewon Yoo, CIO, said, “It is now time for qualitative growth where fast charging infrastructure expands led by private capital, moving away from a government subsidy-driven market,” expressing confidence by adding, “WATER will build tangible assets such as electric vehicle fast charging stations based on strong financial power and continue investing.”

Based on this global trend, WATER is a new electric vehicle fast charging network introduced by Bright Energy Partners (hereinafter ‘BEP’), a renewable energy specialist company, to lead the premium electric vehicle fast charging infrastructure market in Korea. BEP’s largest shareholder is BlackRock, the world’s largest asset manager and a climate crisis investor, with eight domestic financial institutions including Mirae Asset Venture Investment and Hi Investment Partners participating as major investors, attracting over 200 billion KRW in investment. Leveraging stable financial strength and execution capability, WATER plans to directly purchase or lease sites nationwide to open drive-thru style electric vehicle-only charging stations and rest areas connected to roads. Starting with the Gwanghwamun first store, WATER will gradually expand a nationwide open fast charging network capable of charging multiple vehicles simultaneously at high speed.

For more details about the WATER electric vehicle fast charging network, visit the official WATER website, official Naver blog, Instagram, and YouTube channel. To commemorate the opening of the first Gwanghwamun store, a charging certification event will be held for about two weeks from November 14 to November 27. Customers who film themselves charging at the Gwanghwamun first store and upload it to Instagram will be entered into a draw to win WATER goods such as speakers and blanket sets. The first WATER store can be found on the basement level 4 of the Gwanghwamun Katewin Tower.