SK Innovation is promoting the replaceable battery business, a type of battery service business (BaaS) in China.
SK Innovation announced on the 21st that it has secured a position as a major strategic investor by acquiring a 13.3% stake in’Blue Park Smart Energy (BPSE)’, a battery reuse company affiliated with Beijing Motors. The investment amount was decided not to be disclosed through consultation between the two companies.
BPSE is a company licensed for battery reuse business from the Ministry of Industry and Information Technology of China, and is operating a’battery replacement station’ for local taxi and vehicle sharing service (MaaS) operators. It is also a major operator who leads the establishment of national standards for replaceable batteries and exerts influence on related policies.
The first BaaS business model that both companies are paying attention to is the battery replacement station. The battery replacement station is a service that replaces a discharged battery pack with a charged battery pack based on an offline store like a gas station. It can be replaced in a short time, overcoming the limitations of rechargeable batteries that take a lot of time to charge.
This is an area that is expected to grow in the future due to increased demand based on mobility, such as taxis and vehicle sharing services with long driving distances. Since ownership of electric vehicles and batteries can be separated, it is easy to expand into various service fields such as battery rental and reuse.
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The battery installed in the battery replacement station can also be used as a battery for energy storage (ESS). Accordingly, it is expected to help build a distributed power infrastructure in the city center. SK Innovation established a battery manufacturing joint venture with Beijing Motors in 2013. The company predicts that this cooperation will create synergy with the battery business in China.
“We will change the paradigm of electric vehicles in the future through the BaaS business model that combines high-quality long-life battery technology and BPSE’s interchangeable battery operation technology,” said Ji Dong-seop, CEO of SK Innovation’s battery business. We will actively utilize the BaaS business in the field of reuse and recycling.”