Hyundai Engineering headquarters [Hyundai Engineering]
Hyundai Engineering headquarters [Hyundai Engineering]

Hyundai Engineering will absorb Korea Electric Vehicle Charging Service, commonly known as Han Chungjeong, to secure a long-term growth base in the domestic electric vehicle (EV) charging market.

Hyundai Engineering said Thursday it held a board meeting and passed a resolution to merge with Han Chungjeong.

The merger is set to take effect Nov. 1, with Hyundai Engineering as the surviving entity absorbing Han Chungjeong. The proposal was submitted to the board after internal review and consultation with external advisers. The board approved the resolution after examining the appropriateness of the merger ratio, the impact on shareholder value and the potential for conflicts of interest.

The merger aims to consolidate the group's EV charging capabilities and get ahead of a rapidly growing market. Cumulative domestic EV registrations surpassed 1 million units as of April 15, while the share of new-car buyers choosing electric vehicles has risen sharply — from 9.2 percent in 2023 and 8.9 percent in 2024 to 13.0 percent in 2025 and 23.2 percent in the first half of 2026.

The merger ratio is set at 1 to 0.3132476. Based on applicable regulations and an independent valuation, Hyundai Engineering shares were assessed at 58,101 won ($42) each, while Han Chungjeong shares were valued at 18,200 won each. Under general principles of the Commercial Act, the surviving company will issue new shares and allocate Hyundai Engineering shares to existing Han Chungjeong shareholders in accordance with the merger ratio.

An AI-generated concept image of Hyundai Engineering's EV charging business model [Hyundai Engineering]
An AI-generated concept image of Hyundai Engineering's EV charging business model [Hyundai Engineering]

Hyundai Engineering plans to improve the EV user environment by expanding charging facilities and enhancing service convenience, while building an energy ecosystem that connects eco-friendly mobility with energy infrastructure.

The company intends to use the merger as a springboard to establish an integrated EVC service system spanning everything from facility construction to customer service.

Hyundai Engineering has been building, operating and maintaining EV charging facilities since 2022. It has installed about 12,000 charging units to date and operates an integrated EVC control center for maintenance.

Han Chungjeong operates an EV charging brand and has built up customer service and platform capabilities on the back of roughly 240,000 members and about 4,000 charging units.

Hyundai Engineering plans to develop and launch its own customer-facing platform to deliver integrated EV charging services. Through the platform, the company aims to expand its membership-based services and strengthen customer touchpoints, while continuing to grow its charging network — with the ultimate goal of becoming the No. 1 EV charging operator in South Korea.

Hyundai Engineering is also pursuing a future energy platform business built on its EV charging operations. A leading example is its participation in the Hyundai Motor Group vehicle-to-grid (V2G) pilot project in Jeju, which connects power stored in vehicle batteries to the grid for use and trading.

Going forward, the company plans to use EV batteries as energy resources for managing electricity supply and demand. This is expected to contribute to grid stability while opening new revenue streams through electricity trading.

Hyundai Engineering is also working with group affiliates on a used-battery ESS project — known as UBESS — that repurposes retired EV batteries as energy storage systems. The company is also exploring a renewable energy-plus-ESS EV charging station model that would link the initiative with its solar and other renewable energy projects under its energy division.

The company aims to evolve into an energy platform operator that organically connects charging infrastructure with energy markets, securing new engines of future growth.

"We will provide customers with more convenient charging services and continue developing an integrated EVC business model that links charging facilities with future energy projects," a Hyundai Engineering official said.

Meanwhile, Hyundai Engineering is also moving into the North American critical minerals market, taking part in a lithium and boron plant project in Nevada worth about 3.02 trillion won ($2 billion).


lucky@heraldcorp.com