- Charzin(EVZ)(EVZ)-TIDE-CETHO establishes a joint venture, and advances to the charging market.
- Promotion of the first pilot project in Garuda Park in Bali where G 20 will be held, consultation with Alam Sutra
- Indonesia State-owned Public Corporation Pension Fund Bank DP PLN agrees to invest in joint venture
Electric vehicle charging platform company Charzin(EVZ) establishes a joint venture to preoccupy Indonesian Electric Vehicle Charging Market which emerged as a battleground for global electric vehicle companies.
In Indonesia, the 4th most populous country in the world (270 million people), Hyundai Motors started the operation of Electric Vehicle Production Factory in the early of this year, and EV market is heating up to the extent the government leads a transformation.
It is reported Charzin(EVZ) Co., Ltd, Smart Energy Solution company, Tide Co., Ltd and Indonesian payment solution IT company CETHO signed the contract for the establishment of joint venture in Jakarta, Indonesia on 14th local time.
Three companies will advance to Indonesian Electric Vehicle Charging market in earnest through the establishment of joint venture.
Charzin(EVZ) will operate Electric Vehicle charging platform in Indonesia, and Tide will conduct the remote meter reading interlock of power company. In addition, both companies will establish slow/quick electric vehicle charging devices and supply V2G (Vehicle-to-grid, a technology that uses the remaining power of the battery by connecting an electric vehicle to the power grid) interlocking charging device.
CETHO operates the system which allows easy payment after EV charging through mobile phone or prepayment card in Indonesia where the credit card use rate is low. In addition, it will introduce charging prepayment card, blockchain based payment system EVZone targeting car makers and governmental authorities.
In particular, the joint venture agreed to start EV charging pilot service with Alam Sutera Realty, an Indonesian real estate conglomerate, in time for the event at Garuda Park, Bali, where the G20 will be held next month.
Garuda Park was acquired by Alam Sutera Realty in 2013 and remodeled into Indonesia’s top park with an investment of $40 million, and is where various national events, including the G20, are held.
Alam Sutera Realty is a real estate company with the largest shopping mall in Jakarta, Indonesia, and owns factory sites, logistics company warehouses, apartments, commercial buildings, and hospitals, so the joint venture plans to push forward electric vehicle charging projects first in the building of this company in the future.
In addition, DP PLN(State-owned Public Corporation Pension Fund Bank), a subsidiary of state-owned public electric corporation signed the contract to participate in this joint venture as investor. Before this, when EV market is heating up and Hyundai Motor, Japanese Toyota, Chinese Wooring Motors and Cherry Motors are investing or reviewing the investment, 3 companies completed the system by promoting the charging device linkage platform development to advance to Indonesia since 2021.
Representative Choi Young Seok said “We proceeded with the establishment of joint venture to advance to Indonesia in earnest, and are planning to preoccupy Indonesian market through the cooperation with local company, and in particular, as we meet the good partner who can solve payment and real estate, the business will be expanded very quickly, and will demonstrate the first pilot project in Bali where G20 will be held. Charzin(EVZ), EV charging platform speclist founded in 2016, is the one and only company in the world that has the ability to integrate and control three charging devices of a billing outlet (regulatory sandbox temporary permission No. 1)and slow and fast charging devices.
Charzin(EVZ) CEO Choi Young-seok (center), Tide Chairman Cho Kyung-jong (right), and CETHO Hermawan CEO D. Wijaya are in the process of signing an agreement to establish a joint venture.
Charzin(EVZ) CEO Choi Young-seok (center), DP PLN representative Antonius Resep TYAS ARTONO (right), and Tide Chairman Cho Kyung-jong (right) are in the process of signing an agreement to establish a joint venture.