LG Energy accelerates EV battery swapping services

Kooroo, the first in-house venture of the world’s second-largest electric vehicle battery maker LG Energy Solution Ltd., said on Tuesday it is set to launch its battery swapping station business in earnest targeting delivery platforms in South Korea.

Kooroo’s swapping stations will provide a service where the dead battery of an electric two-wheeler can be exchanged for a fully charged battery, instead of charging it.

The venture expects the service to gain traction with delivery riders as it cuts vehicle operating costs compared with regular two-wheelers as riders can quickly exchange batteries without taking time to charge.  

Kooroo said that if a rider travels 125 kilometers per day, the monthly maintenance cost for a regular two-wheeler is about 470,000 won ($352.3) including fuel and insurance. The cost is cut in half for an electric two-wheeler using Kooroo’s monthly unlimited plan, Kooroo added.

With a first-time authentication, a rider can easily use the battery exchange service within 20 seconds. Kooroo plans to offer many batteries compatible with a variety of two-wheeler models.   

The rider can also check the congestion level before visiting the swapping station and book the battery exchange service through a mobile app.

Kooroo will use LG Energy’s battery safety technology to collect information on the battery cell’s charging, remaining useful life and temperature in real-time. To prevent electric shocks in rain, the battery has a control system water drain structure.

Kooroo has been piloting the service since last October with delivery platforms such as Woowa Brothers Corp. and Yogiyo and two-wheeler rental firms. About 70% of the testers were interested in paid membership, Kooroo said.

Kooroo is operating about 180 battery swapping stations in Seoul, deploying a majority of the vehicles in the southern part of the capital which has a high demand for delivery services.

The company will set up the stations across Seoul this year and will increase the number of facilities in the Seoul metropolitan area to 1,000 by 2025.

“Kooroo’s service has significantly enhanced convenience and safety by combining LG Energy’s technology and electric two-wheelers, which are free from noise and fumes,” said a Kooroo official.

“We will take the lead in creating a two-wheeler ecosystem that prioritizes differentiated customer values such as environment and safety,” the official added.

Write to Woo-Sub Kim at duter@hankyung.com

Jihyun Kim edited this article.