Daewoo Engineering and Construction said Tuesday it is entering the electric vehicle charging infrastructure industry by investing in Humax EV.
The construction company said it has decided to purchase a 19.9 percent stake in the firm that specializes in the segment, as part of its Build Together Startups Program, designed to make investments in future promising firms to expand into new business sectors.
Daewoo E&C has established a department for new business sectors, and invested in astroX, a South Korean company specializing in drones and software development, early this year.
Humax EV is a new subsidiary founded by Humax, a global gateway developer.
With the partnership, Daewoo E&C said it aims to establishing EV charging infrastructure system by collaborating with its flagship apartment brand Prugio with Hi Parking, a parking space division under Humax.
“We plan to first install and operate EV charging stations in apartment complexes and will expand to 100,000 parking lots operated by Hi Parking,” a Daewoo E&C official said.
By Jo He-rim (email@example.com