MOU Signed with Electric Vehicle Charging Solution Company
Joint Plan to Enter New Markets
Expansion of DC Solution Development and Application
LS Electric has joined forces with Pumpkin, an electric commercial vehicle charging solution company, to expand its electric vehicle charging infrastructure business.
On May 9, at LS Tower in Anyang, Gyeonggi Province, LS Electric signed a Memorandum of Understanding (MOU) with Pumpkin to cooperate in the electric vehicle charging solution business, the company announced on May 12. Pumpkin is a charging specialist company focused on building charging infrastructure dedicated to electric buses and large commercial vehicles, and has established numerous large-scale charging stations at public garages and electric commercial vehicle hubs.
The event was attended by Dongyoung Kim, Executive Director and Head of the K-Power Solutions Division at LS Electric, Yonggil Choi, CEO of Pumpkin, and other officials from both companies. They discussed business cooperation strategies and future plans in response to changes in the domestic electric vehicle charging solution market.
LS Electric and Pumpkin agreed to strengthen cooperation across the entire charging infrastructure business, including the development and broader application of DC (direct current) solutions such as domestic DC circuit breakers dedicated to electric commercial vehicle chargers, as well as enhancing customer trust by ensuring charger quality. They also committed to jointly entering new markets.
LS Electric signed an MOU (Memorandum of Understanding) for cooperation in the electric vehicle charging solution business with Pumpkin on the 9th at LS Tower in Anyang, Gyeonggi Province. After signing the MOU, Dongyoung Kim, head of the K-Power Solutions Division at LS Electric (left), and Yonggil Choi, CEO of Pumpkin (right), posed for a commemorative photo. Photo by LS Electric
Currently, domestic electric vehicle chargers rely on Chinese products for key components such as DC (direct current) circuit breakers and power modules. In the case of power modules, Chinese products account for more than 90%. In particular, in the public rapid charger market, Chinese products have a high market share due to their price competitiveness, despite quality issues. Last year, the domestic electric vehicle charger market was valued at approximately 337.2 billion KRW.
Dongyoung Kim, Executive Director at LS Electric, said, "To localize key charger components, we will not only strengthen our technological capabilities but also secure price competitiveness. We are committed to expanding the electric vehicle charging infrastructure market, which is currently facing challenges due to a temporary demand stagnation known as the 'chasm.'"
Yonggil Choi, CEO of Pumpkin, said, "Through our collaboration with LS Electric, we expect not only to further enhance the reliability and performance of high-speed chargers, but also to demonstrate the excellence of domestic technology. We will continue to work with technologically advanced domestic companies to strengthen the competitiveness of Korea's charging infrastructure."
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