The Race to Build EV Charging Stations: Korean Conglomerates Join Forces

PetroVietnam Power Corporation (PV Power) is exploring the development of its first electric vehicle charging station. The company has signed a cooperation agreement with EN Technologies Inc. to research and develop a charging system in Vietnam. After a thorough evaluation, PV Power has decided to construct a pilot charging station in Hanoi, with a total power capacity of 100-120kW.

The charging station will occupy an area of 30-35 square meters and feature two charging dispensers, each equipped with two ports delivering 50-60kW of power. Users can conveniently pay by scanning a QR code on the dispenser’s screen. The total investment cost for this project is estimated to be over 1.8 billion VND.

Revenue from charging will be calculated based on estimated charging volume and a tiered pricing structure for off-peak, regular, and peak hours. The average charging rate is expected to be around 3.858 VND/kWh, on par with VinFast’s charging stations and more competitive than some other providers in the market.

PV Power’s foreign partner, EN Technologies Inc., was established in 2003 with investments from Samsung SDI and LG Electronics. The company has since received additional funding from the Samsung-IBK Bank joint venture and LG Electronics, enabling it to expand its business into the ESS and EV charging sectors. EN Technologies Inc. specializes in power electronics and electrical switching equipment and is one of the few companies capable of producing and supplying plasma power sources globally.

In recent years, EVN, another state-owned enterprise, has also been actively involved in the production and installation of fast-charging stations for electric vehicles, even before VinFast entered the market. EVN’s Central Power Electronics Manufacturing Center has been researching and manufacturing charging stations since 2017 and has installed stations for 13 member power companies. They have also collaborated with PVOIL to test electric vehicle charging stations integrated with solar power systems.

EVN’s fast-charging stations for electric cars offer multiple charging modes and support simultaneous charging from two nozzles. They are designed with a modular approach and can accommodate different charging standards. The stations are integrated with VNPay for convenient payment and feature a management system for the network of charging stations and their operational status.

With a direct current voltage range of 300-750 V and a maximum intensity of 60 A, EVN’s charging stations provide a power output of 60 kW. The stations boast an impressive energy conversion efficiency of 93%, far surpassing the 17-21% efficiency of traditional gasoline-powered vehicles. Users can easily monitor the charging process through an integrated display that shows the total battery charge and charging time. The stations automatically shut off power and provide an audio notification once charging is complete. Depending on the remaining battery level, the stations can deliver up to 80% charge in just 30 minutes.

EVN’s charging stations are entirely locally produced, from the manufacturing of the charging station cabinets and software development to the assembly of the equipment. As a result, their cost is approximately two-thirds that of imported stations. Two Level 3 charging stations integrated into gas stations in Da Nang City have been operational since July 2020.