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Hyundai Electric to expand electric charging business

All News 11:35 April 14, 2021

By Nam Kwang-sik

SEOUL, April 14 (Yonhap) -- Hyundai Electric & Energy Systems Co.(HE) said Wednesday that it has signed initial deals with local operators of charging stations for electric vehicles (EV) to provide electricity.

Under the deals, HE will provide electricity collected from operators of renewable energies, such as solar energy, to EV charging station operators, including Mooving, Pumpkin and Charzin.

HE is an energy solution unit of global shipbuilding giant Hyundai Heavy Industries Holdings Co. (HHIH).

HHIH's oil refining unit Hyundai Oilbank Co. plans to increase EV charging stations to 200 units by 2023 from the current 20 in operation at its gas stations through a partnership signed with Charzin.

The global EV charging market is estimated to grow about US$17.6 billion by 2024, HE said, citing data provided by global market researcher Technavio.

A charging station for electric vehicles is shown in this photo taken April 20, 2020. (Yonhap)


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