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Future mobility

GS Group invests $26 mn in Kakao Mobility

GS Caltex will transform its gas stations into lifestyle and mobility platforms using Kakao Mobility’s big data

By Jul 26, 2021 (Gmt+09:00)

GS Caltex’s future-concept gas station Energy Plus Hub.
GS Caltex’s future-concept gas station Energy Plus Hub.

South Korea’s GS Group has invested 30 billion won ($26 million) in Kakao Mobility Corp. to fast forward its energy unit’s transition towards future mobility.

The group said on July 26 that GS Energy, the energy subsidiary of GS Holdings, and the oil company GS Caltex have respectively invested 5 billion won ($4.3 million) and 25 billion won ($21.7 million) in Kakao’s Mobility unit. GS Caltex is a 50:50 joint venture set up by GS Energy and Chevron Corp.

The investment gave GS Group a 0.73% stake in Kakao Mobility, Kakao Corp.’s key unit that raised $50 million from Google in April and 100 billion won ($88 million) from LG Corp. earlier this month.

GS Caltex said that the investment will create synergies between its infrastructure of gas stations across South Korea and Kakao’s tech-driven mobility services. Moving forward, it will use Kakao Mobility’s wide range of data accumulated from future mobility sectors, including autonomous driving, in operating its 2,300 gas stations and 370 LPG stations within Korea.

“We specialize in ‘tangible’ businesses such as gas stations, whereas Kakao Mobility’s key capability lies in the ‘intangible’ areas including autonomous driving and AI. We will create a new industry segment by integrating the tangible with the intangible,” said a GS Caltex representative.

GS Caltex’s first future-concept gas station Energy Plus Hub Sambang, located in Seocho District, Seoul.
GS Caltex’s first future-concept gas station Energy Plus Hub Sambang, located in Seocho District, Seoul.

GS Caltex last November has launched a new future-oriented gas station under the name of Energy Plus Hub. This new type of gas station will offer various mobility services such as car sharing, drone delivery, electricity and hydrogen charging, as well as non-mobility offerings such as food, beverage and convenient store services.

Write to Jeong-min Nam at peux@hankyung.com

Daniel Cho edited this article.

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