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"Pluglink has achieved a turnaround to profitability the fastest, making it highly likely to lead the market in the medium to long term."
EV charging platform company Pluglink has secured an additional investment of 20 billion won. This round was led by JKL Credit Investment (hereinafter JKL), the credit investment division of domestic private equity fund (PEF) manager JKL Partners. Including the 45 billion won deployed in May last year, JKL has invested a total of 65 billion won in Pluglink.
JKL's decision to inject additional funds into Pluglink is underpinned by confidence in the 'oligopolization' of the EV charging market. JKL Senior Executive Officer Kang Sun-gu stated, "Currently, electric vehicles account for approximately 3% of all vehicles in operation, but this share will inevitably expand to 30-50% in the future," adding that it is a "market with structurally high growth potential."
In line with the increasing number of EVs, several companies have entered the charging infrastructure market, but many remain in the red due to the burden of initial investment costs. Senior Executive Officer Kang predicted that this market will be restructured into a form similar to the telecommunications or gas station industries. He analyzed, "The past telecom network business also saw a proliferation of players, but it ultimately consolidated around a few operators capable of efficiently managing nationwide networks," noting that "the charging market will also become an oligopoly centered on top-tier companies that secure infrastructure and operate it efficiently."
This investment was made through the 'KAMCO-Hyundai Motor Future Mobility Corporate Financial Stability PEF' managed by JKL. This is a fund established by KAMCO (Korea Asset Management Corporation) and the Hyundai Motor Group to support the mobility ecosystem, consisting of Growth Capital funds.
JKL has identified Pluglink as a 'rising star' in this industry restructuring process, judging that it succeeded in achieving the fastest turnaround to profitability in the industry through technology-based operational efficiency. Senior Executive Officer Kang explained, "Just as Tesla secured leadership by being the first to achieve profitability in the EV market, we assessed that Pluglink's business model has the highest competitiveness in the charging market."
The secured investment funds are planned to be used for aggressive M&A (Mergers and Acquisitions) and infrastructure expansion. This is known as a 'Bolt-on' strategy (acquisition of companies in the same industry). Pluglink previously expanded its scale by acquiring EV charging business assets from Hanwha Solutions in May last year.
This 20 billion won investment will also be invested in additional corporate acquisitions and infrastructure upgrading. Senior Executive Officer Kang projected, "Pluglink is currently ranked 3rd to 4th in the industry, but if the Bolt-on strategy utilizing these funds succeeds, it could enter the top two by the end of this year."
Through asset integration and unification of its operating system, Pluglink recorded the No. 1 position domestically in annual installations of slow EV chargers in 2025. The cumulative number of installed chargers has reached 35,219 units, and the membership count has surpassed 200,000.
JKL has experience investing in companies facing temporary difficulties, such as Pan Ocean and T'way Air, and turning them into winners during industry restructuring periods. Senior Executive Officer Kang emphasized, "While the entire charging industry is currently struggling, Pluglink possesses a data-based management system and the execution capability of its young management team," adding that it "will be able to raise its market share through bold investment while others hesitate."
A Pluglink official stated, "Based on our experience in operating charging stations, we will continue to expand infrastructure and focus on improving charging convenience for EV users and enhancing service quality."
[MoneyToday startup media platform Unicorn Factory]
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