- Two companies will conduct an EV charging infrastructure and rental business, and joint marketing
- The EV rental business model will be developed to have an opportunity of market expansion

POSCO ICT (CEO Hur Nam-Suk) and Renault Samsung Motors (CEO Francois Provost) joined hands for an electric vehicle (EV) business.

Two companies announced on 10th of this month that they singed a MOU for the EV rental business and charging infrastructure establishment at POSCO ICT Pangyo Office, with the participation of related parties, including Lee Joo-Yeoun, executive director of POSCO ICT, and Song Eung-Seok, managing director of Renault Samsung Motors.

Based on the signed MOU, two companies will cooperate in the EV rental business, which will be started from the middle of this year in Jeju Island, and the establishment of charging infrastructure. Renault Samsung Motors will supply its EV, whereas POSCO ICT will establish and operate the infrastructure and integrated control system for EV charging. Based on the cooperation on this occasion, two companies will develop a new EV rental business model, and promote joint marketing, in order to distribute the EV in other areas, even though the EV business is at an early phase in Korea.

For efficient cooperation, two companies will form a working-level consultative group to share the progress of the EV charging infrastructure and rental business at a regular meeting, and carry out activities to expand the base of the EV market continuously.

Before establishing a cooperative relationship with Renault Samsung Motors, POSCO ICT established a consortium with Pmgrow that possesses the EV infrastructure establishment technology, JoongAng Control, AD Motors, Mega Bess, and Jeju local companies including Daum Communications, Daegyeong Engineering, and Jeju Rent-a-car, and has been developing and commercializing the EV charging infrastructure. POSCO ICT plans to provide a rental service in the middle of this year. In particular, POSCO ICT is going to set up charging stations and central control center in Jeju area, and monitors all operating EVs and the status of charging facilities in real time, in order to check the energy quantity of the EV or operating status and provide the information to drivers, if necessary. Considering the POSCO ICT’s business plan, cooperation with Renault Samsung Motors is regarded as a meaningful one.

“POSCO ICT will carry out a tourism and eco-friendly EV rental business in Jeju Island, one of the leading EV cities in Korea. Cooperation with Renault Samsung Motors on this occasion will significantly contribute to spread of the EV, which has been mainly supplied to governmental offices, and charging infrastructure,” said Lee Joo-Yeoun, executive director, POSCO ICT.

“Renault Samsung Motors already has the most advanced EV technology in Korea, and reached at the stage of mass production. You can easily find SM3 Z.E. on the road, which is a pure electrically power car, in the near future. We will spur the development of new EV business model to distribute more EV in Korea continuously,” said Song Eung-seok, managing director of Renault Samsung Motors.