Brite Energy Partners Expands Into South Korean EV Charging Business

South Korean solar energy development company Brite Energy Partners (BEP) has secured an additional investment of US$100 million from BlackRock Alternatives’ Climate Infrastructure business, following an initial investment in 2021.

The additional funding will be used to fund the acquisition and construction of BEP’s small-scale solar assets in South Korea to eventually deliver a total of over 500 MW in power generation. This follow-on investment will also allow the company to accelerate its newly launched Electric Vehicle (EV) fast-charging business in the country.

Heeseong Brian Kim, CEO and founder of BEP, said: “South Korea’s carbon neutrality goal is a core mission for the current generation to accomplish in an accelerated fashion, and an overriding obligation we should contribute to the next generations be it environmental or economic considerations.”

Ross Mackey of BlackRock Alternatives’ Climate Infrastructure team added: “We are excited to continue our partnership with BEP and further support the strong momentum and success to date, including the recent launch of the EV charging business. This investment further underscores our commitment to be a leading investor in South Korea’s clean energy transition.”

In November 2021, BEP ventured into the EV charging business and become a Charge Point Operator (CPO). The business is operating under the brand “Water” and has launched its first charging station in Gwangwhamun, Seoul.

“Water” is a fast charging network that targets to build more than 100 fast charging stations in Korea by 2025, with its innovative features and differentiated user experience gaining attraction from Korea’s electric vehicle drivers.

The EV charging market in South Korea has been growing rapidly and was ranked as the seventh-largest market in the world in 2021.

South Korea has now surpassed the 1.0% penetration mark in terms of the total number of pure BEVs (200,000 BEVs) against total registered cars.

The 4th National Low Emission Vehicle Plan by the South Korean government foresees that the market will see 4.4% (1.1 million BEVs) penetration in 2025, growing to 11.5% (3 million BEVs) in 2030.

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