KooRoo's swappable battery pack
The company highlighted the challenges in the battery swapping market, including inefficiencies caused by inconsistent standards and products among manufacturers. This issue has long hindered market growth. By obtaining the national standard certification, LG Energy Solution aims to enhance its competitiveness in a standardized market environment, which aligns with the government's goals.
The battery maker also emphasized the growing importance of electric bikes as a sustainable alternative to reduce air pollution and noise pollution, especially with the rise of electric vehicles post-pandemic. The data from the Korea Electric Two-wheeled Vehicle Association shows a steady increase in electric bike registrations, with over 110,000 units registered last year. Additionally, the number of swappable battery electric bikes has more than doubled to 3,429 units in the same period.
The government has been actively promoting the expansion of the electric bike market by offering subsidies to encourage production and infrastructure development. For example, the environment ministry recently announced a $11 million subsidy to boost the supply of electric bikes to 20,000 units, along with $5 million to support the establishment of 500 charging facilities. KooRoo, LG Energy Solution's battery swapping station brand, operates 440 charging and swapping sites across the country, serving as a key part of the electric bike ecosystem.
By securing this subsidy, LG Energy Solution not only strengthens its position in the market but also contributes to the broader goals of promoting electric transportation and reducing environmental impact. This achievement underscores the company's commitment to innovation and sustainability, making it a significant player in the growing electric bike market in Korea.
