'EV Charging Is Profitable'... Private Equity Firms Compete with Major Companies to Scale Up [PE Now]

Anchor EP, the largest shareholder in SK Electlink, and others

Target economies of scale in the slow-charging business

"Competing with affiliates of major companies such as GS Chargev"

As the electric vehicle market hits a demand plateau, major companies are pulling out of the charging business, while private equity firms are emerging to seize the opportunity. Their strategy is to get ahead in acquiring charging stations during the industry’s restructuring and benefit from economies of scale. Even the major companies that have stayed in the market are moving to scale up, and competition in the EV charging business is expected to intensify.

According to investment banking (IB) industry sources on Oct. 26, Hong Kong-based private equity firm Anchor Equity Partners (Anchor EP) is pursuing the acquisition of iParking, an affiliate of SK Innovation E&S, an independent company within SK Innovation that operates unattended parking lots and EV charging stations. The deal is being discussed at a price of up to 400 billion won for a 100% stake. Anchor EP is the largest shareholder of EV charging company SK electlink. It is also seeking to acquire EV charger manufacturer SK Signet. To facilitate the acquisition, SK is conducting a tender offer to delist SK Signet and make it a wholly owned subsidiary. Through these moves, Anchor EP aims to vertically integrate the EV charging value chain, from manufacturing to installation and operation.

True Blue Equity, a newly established private equity firm, is moving to acquire a controlling stake in Humax Mobility, the operator of Hi Parking, the country’s largest parking lot operator. Humax Mobility operates an EV charging business as well as Hi Parking. True Blue Equity is reportedly interested not only in the parking lot business but also in the EV charging business, which has returned to profitability. An IB industry source said, “Humax had tried to sell its charging business starting two years ago, but after failing, it changed course and decided to sell it together with its parking lot business.”

Yonhap News Agency

Private equity firms are entering the EV charging business because they see a future in the slow-charging market. Slow EV chargers are installed in places where vehicles can be parked for extended periods, such as homes and workplaces. Their high frequency of use makes them more conducive to generating steady profits. By contrast, fast chargers are expensive to install, electricity itself is costly, and utilization rates are relatively low, at around 1% on a 24-hour basis, making the business structurally unprofitable for operators. SK electlink currently ranks 12th in the slow-charging market by number of chargers, with 6,764. If it acquires iParking, it could add 9,730 chargers and move into the top 10. If True Blue Equity acquires Humax Mobility, it would immediately rank seventh. Pluglink, backed by JKL Partners, also ranked first in net additions to South Korea’s slow chargers through September 2026 and is continuing to expand its charger network.

As major companies entered the business in the early 2020s and then withdrew, conditions have also emerged that allow investors to pursue higher profits through economies of scale by directly acquiring or merging with companies, or by acquiring their assets. This is because acquiring chargers owned by small and midsize operators can cost less than installing new ones. Hanwha Q CELLS also entered the charging infrastructure business under its Hanwha Motive brand, but later sold its charger assets to Pluglink.

Competition among large platforms in the EV charging market is expected to intensify. In particular, the contest between private equity-owned operators and the major companies that have stayed in the market will be worth watching. GS Chargev, which ranks first by number of slow chargers, is expanding by acquiring small and midsize charging operators. GS Chargev is reportedly recently acquired the EV charging business of iMarketKorea, a procurement and MRO company for the Samsung Group. The acquisition price is said to have been around 5 billion won. At the end of 2025, it acquired assets related to Sparos EV, an EV charging service, from Shinsegae I&C. Hyundai Engineering, an affiliate of Hyundai Motor Group, also plans to increase its market share by merging Korea Electric Vehicle Charging Service, an EV charging operator, into itself after acquiring it from Hyundai Motor and Kia.

An IB industry source said, “Since last year, as large operators’ losses have widened, they have been entering the acquisition race and seeking out operators with 1,000 to 2,000 slow chargers.” The source added, “With nowhere left to install chargers, companies are spending on sales efforts and rushing to install chargers in apartment buildings as part of the slow-charging business. This shows that operators with a large installed base have an advantage. At the same time, large operators are acquiring companies that already own chargers, reshaping the market into one dominated by a small number of players.”

This content was produced with the assistance of AI translation services.