[BizLeader] Hwang Jaeyong, CEO of P.S. Tech, "A Second Leap Forward with Renewable Energy"

Transformation into a Meter Specialist by an Auto Parts Company
Focusing Capabilities on Electric Vehicle Chargers and Renewable Energy Business

"Based on 70 years of experience and abundant financial resources, we will achieve results in the electric vehicle charger business and the renewable energy sector."

Hwang Jaeyong, CEO of PSTECH, said this in an interview with Asia Economy regarding PSTECH's future growth vision. PSTECH is a KOSDAQ-listed company that started in 1948 as Pungsung Industry, engaged in automobile parts and meter businesses. In 2013, it sold all shares of its automobile parts manufacturing affiliates and currently focuses on five types of meter businesses including electricity, gas, and water. In particular, it holds the number one market share in the domestic new construction standard for electricity meters.

As the third-generation founder, Hwang joined PSTECH in 2009, became an internal director in 2014 overseeing new business divisions, and was appointed CEO in 2021, managing overall company operations. Having majored in business administration at Babson College in the United States, CEO Hwang believed that while maintaining PSTECH’s stable business, a new growth engine was necessary for a further leap forward. Accordingly, he chose electric vehicle chargers and renewable energy as future growth engines.

Hwang Jae-yong, CEO of PSTech. Photo by Jang Hyo-won

First, the electric vehicle charger business is the area where PSTECH’s strengths can be best utilized. PSTECH currently offers rapid, slow, and embedded-type electric vehicle charger products. It has also developed a remote management system for monitoring and managing charger status. CEO Hwang stated, "PSTECH’s strengths include over 70 years of experience, technological expertise, and financial power," adding, "Based on long-standing networks with Korea Electric Power Corporation and major construction companies, we believed we could expand the electric vehicle charger business."

In fact, PSTECH’s revenue related to electric vehicle chargers, which started in 2019, grew to 8.7 billion KRW as of 2021. CEO Hwang explained, "Last year, we missed expected performance due to a decrease in Korea Electric Power Corporation’s bid quantities, but we are aggressively responding to apartment construction sites to increase market share," adding, "Currently, new apartment complexes must have electric vehicle chargers installed at a rate of at least 5% of parking spaces, and installation standards are expected to expand further."

Electric vehicle charger produced by PSTEC. Photo by Jang Hyowon

Alongside the electric vehicle charger business, PSTECH is focusing on the renewable energy sector. In this field, PSTECH provides comprehensive services covering all aspects of solar power projects, including business development, preliminary feasibility assessments, permits and construction (EPC), and operation and maintenance (O&M).

CEO Hwang said, "Recently, as companies declare RE100 (a campaign to supply 100% of their electricity from renewable energy), demand for renewable energy is increasing, and we are providing total solutions accordingly," adding, "Through our wholly owned subsidiary PSTECH Power, we directly operate solar power plants and are also engaged in fuel cell power plant projects."

Based on renewable energy and electric vehicle charger businesses, CEO Hwang plans to enter various other sectors. One of the projects currently being planned is the ‘Energy Superstation’ construction project, which has recently attracted attention from the government and large corporations. The Energy Superstation is a concept of creating electric vehicle charging stations similar to gas stations. PSTECH intends to apply its know-how from solar projects and fuel cell technologies in a combined manner for this project.

CEO Hwang said, "Although we experienced a sales stagnation period over the past few years, from this year, sales from eco-friendly switches, mold counter systems, and growth in electric vehicle charger and renewable energy sectors will occur," forecasting, "By 2025, the sales proportion of these new businesses, excluding meters, will account for 50% of total sales." He added, "Along with new business growth, we will actively pursue new investments and mergers and acquisitions (M&A) with internal liquidity of about 100 billion KRW to establish a foundation for growth."