John Deere in joint venture with Everon to supply ultra-fast chargers for electric vehicles in Korea
Global agricultural machinery leader U.S. brand John Deere will deliver ultra-fast chargers for electric vehicles to South Korea as a test bed for entry into the larger Asian market.
John Deere will be the first global company to enter the Korean market for electric vehicle chargers.
Deere has already completed preparations to enter the Korean market, which it plans for the second half of this year. Through Australian energy company Kreisel Electric, which it acquired this year in partnership with Everon, a leading Korean manufacturer of electric vehicle chargers.
“Our Everon recently signed a strategic partnership agreement with Kreisel Electric to jointly operate a Korean business. We aim to enter the Asian market together by combining the technical capabilities and services of both companies,”
said an Everon spokesperson.
Kreisel Electric, founded in 2014, has successfully expanded its business from rechargeable batteries to electric vehicle chargers and energy storage systems. The batteries used in its products are reportedly supplied by LG Energy Solution. John Deere decided to take over the company to increase its competitiveness in electrification and sustainability.
Everon is the second-largest electric vehicle charger company in Korea in terms of the number of slow chargers installed last year and attracted market attention after raising 10 billion won ($7.7 million) in financing from SK Networks earlier this year.
Since its establishment as a subsidiary of LG CNS in 2012, the company launched the first electric car-sharing service at home in 2013, supplied the infrastructure for charging electric cars after the Ministry of Environment selected it as a partner in 2017, joined forces with Kakao Mobility and T Map Mobility for an electric car charging service in 2021 and installed fast chargers for electric cabs in Seoul in 2022.
Thanks to the successful business, Everon’s annual revenue exceeded 10 billion won (more than $7.5 million) for the first time last year
Major Korean conglomerates have recently announced the electric car charging business as the new growth engine and are actively looking for ways to take the lead in the market.
Holding company SK Group SK Inc. acquired a 55.5 percent stake in electric car charger maker Signet EV (now SK Signet) for 290 billion won (more than $220 million) last April. GS Group’s energy division GS Energy also formed a joint venture called G-Connect with local charging solutions firm GNTEL last July.
Automotive conglomerate Hyundai Motor Group, which launched the E-pit ultra-fast charging platform brand, was given the right to operate the Korea Electric Vehicle Charging Service (KEVCS) last October.
LG Group and Hanwha Solutions joined the race this year by building LS E-Link and Hanwha Motiev.
The electric car market in Korea is growing rapidly, but the charging infrastructure still consists mostly of multi-hour chargers. As of the end of last year, the number of slow chargers registered in Korea was 90,000 units, or 86 percent, versus 15,000 units for fast chargers, or 14 percent.
Industry experts expect the introduction of Kreisel-branded John Deere ultra-fast chargers will give customers more options as well as create business cooperation with Everon slow chargers.
Kreisel Electric developed the Chimero ultra-fast charger station with energy storage. The charger has significantly reduced fire hazards and the load on the power grid.