LS Electric signs MOU with EV charging firm Pumpkin
The two South Korean companies have agreed to strengthen collaboration across the entire charging infrastructure sector. This includes developing specialized DC solutions, expanding application and ensuring charger quality.
LS Electric, a South Korean manufacturer and distributer of electrical power equipment, has partnered with domestic fleet charging company Pumpkin to expand its electric vehicle charging infrastructure business.
The two companies have agreed to strengthen collaboration across the entire charging infrastructure sector. This includes developing specialized DC solutions like DC circuit breakers for commercial EV charging, expanding their application, ensuring charger quality, enhancing customer trust, and jointly exploring new markets, according to a media release.
Currently, the key components of domestic electric vehicle chargers, such as DC circuit breakers and power modules, rely heavily on Chinese products, with power modules accounting for over 90% of the market share from China.
In the public fast-charging market, Chinese products maintain a high presence due to price competitiveness despite quality issues. Last year, the South Korean EV charger market was valued at approximately 337.2 billion won.
“We will strengthen our technological capabilities and ensure price competitiveness to localize core components of chargers, thus contributing to the growth of the electric vehicle charging infrastructure market, which faces challenges due to demand stagnation,” said Kim Dong-young, Director at LS Electric.
“Collaborating with LS Electric will significantly enhance the reliability and performance of high-speed chargers, proving the excellence of domestic technology,” said Choi Yong-gil, CEO of Pumpkin. “We aim to continue enhancing the competitiveness of the Korean charging infrastructure by partnering with technologically adept domestic companies.”
