Bright Energy Partners "Securing 100 Fast Charging Stations for Electric Vehicles by Next Year"

BEP, Started in 2022 with 100 Fast Chargers Installed
This Year's Goal is to Double the Number
Interview with Charging Business Head CIO Daewon Yoo

Driving along National Road No. 77, the longest national road in Korea at 1239km, you will see a signboard labeled ‘Water’ near Anmyeon-daero. This place is a fast-charging station that has recently become popular among electric vehicle (EV) drivers. If you have driven an EV to visit West Coast tourist spots such as Daecheon Beach, Taean Mongsanpo Beach, the sunset attraction Anmyeondo, or the country’s longest underwater tunnel, the Boryeong Undersea Tunnel, you will inevitably pass through this charging station. It is operated by Bright Energy Partners (BEP), a private solar power generation company. BEP started its fast-charging station business in November 2022 and has so far installed 100 fast chargers at 15 essential locations. This year, the goal is to double that number. We met with Daewon Yoo, Chief Investment Officer (CIO) at BEP, who oversees the fast-charging network ‘Water’ project, to hear about their specific plans.

Water Taean Mongsanpo Beach

On the 12th, CIO Yoo said, "We plan to install 200 fast chargers at 50 locations by the end of this year, focusing on areas where charging is essential during long-distance travel such as urban centers, roadside areas, rest stops, public institutions, and campgrounds. Our goal is to secure a nationwide ultra-fast charging network of 100 locations and 400 chargers by the end of next year."

Currently, EV charging is divided into fast and slow charging. Slow charging takes about 5 to 6 hours or more. Fast charging reduces this time to one-tenth. However, among the approximately 200,000 chargers nationwide, nearly 90% are slow chargers. BEP, which operates solar power generation and has received investment from BlackRock, the world’s largest asset management company, identified future growth potential here. They decided to prepare for when the cumulative domestic EV adoption rate, which was only 2% at the end of last year, rises to 5%. CIO Yoo said, "EV charging is still a very early-stage market. Fast-charging station infrastructure, where drivers can stop, quickly charge the amount they need, and then depart immediately, will be a necessary condition to increase EV adoption rates."

CIO Yoo focused the strategy on reducing the time required for EV charging. Concentrating on fast charging, they applied a ‘drive-through’ method where vehicles exit in the same direction they stopped after charging. The ‘AutoCharge’ service, launched last month, shortens the time even further. After the first charge, subsequent charges start immediately by simply connecting the connector. Once charging is complete, payment is processed automatically with the card registered in the app. This strategy has begun to receive positive feedback, especially from frequent-charging electric truck drivers.

Daewon Yoo, CIO of Bright Energy Partners

Water is a latecomer to this business, having entered less than two years ago. However, its goals are ambitious. CIO Yoo said, "Within three years, we aim to become a ‘top 3’ operator in the fast-charging sector in terms of the number of chargers, utilization rates, and customer service evaluations. BEP has the personnel and capital to make this goal achievable." As Yoo mentioned, BEP owns solar power facilities at about 250 locations nationwide, and its solar asset scale has grown at an average annual rate of 177.4% over the past three years, indicating business stability. Last year, BEP signed contracts to supply renewable energy certificates (RECs) for 20 years to several major domestic corporations for power generated from solar power plants with a capacity of 103MW (megawatts).

Building on this, this year BEP plans to focus not only on reducing charging time but also on enabling users to use their waiting time efficiently while charging. CIO Yoo explained, "We are installing chargers throughout urban areas in collaboration with brands like Burger King. We are also considering partnerships with other retail brands and cooperating with real estate leasing companies to expand new charging stations mainly in ground parking lots leased long-term by fashion brands or shopping malls in city centers."

BEP aims to be a company that produces ‘100% clean and safe electricity.’ CIO Yoo said, "The EV fast-charging business will accelerate the adoption of electric vehicles, which can advance carbon reduction. This aligns with BEP’s goal of significantly improving clean energy competitiveness and actively responding to the climate crisis."