JEJU-DO < invest Korea

According to Pulse by Maeil Business News Korea,

South Korea’s battery giant LG Energy Solution has launched in-house ventures on diverse consumer battery servicing to ready for proliferation of electric mobility.

The two company-in-company ventures named KooRoo and AVEL will be independently operated under parent company’s support in Battery-as-a-Service (BaaS) and Energy-as-a-Service (EaaS) starting this month.

BaaS is a subscription-based service that provides customers with access to batteries for their vehicles. EaaS is a business model for energy generation and efficient management through energy storage systems.

KooRoo will operate battery swapping stations for e-bike riders enabling them to simply swap battery packs instead of recharging them. KooRoo will first develop battery packs and stations and then use data collected through its stations to expand the battery ecosystem.

AVEL will be engaged in energy aggregation services. Starting with Jeju Island, the business unit will develop energy storage systems for efficient use of renewable energy.

The two business units will be operated independently under the chief strategy officer while gaining full support from other departments in the firm. LG plans to ready rewards when the two units are ready to spin off. It will also encourage innovation and challenge to increase customer values.

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Source: Pulse by Maeil Business News Korea (Oct. 5, 2022)