Key Takeaways
- • Hong Kong-based Anchor Equity Partners (Anchor EP) is pursuing the acquisition of iParking, a subsidiary of SK Innovation E&S, at a price of up to 400 billion won for a 100% stake, according to investment banking industry sources cited by Asia Business Daily.
- • True Blue Equity, a newly established private equity firm, is moving to acquire control of HUMAX Mobility, operator of Hi Parking and an EV charging business that has returned to profitability.
- • Private equity buyers are targeting slow-charging networks, which generate steadier utilization than fast chargers that run at roughly 1% utilization over 24 hours, as major companies such as Hanwha Qcells exit the business.
- • GS Chargev, the largest slow-charger operator by unit count, is consolidating the market through acquisitions, including Spharos EV for 27 billion won at the end of 2025.
- • Competition is expected to intensify as operators with 1,000 to 2,000 slow chargers become prime acquisition targets and the market consolidates toward a small number of large players.
Summary
As the electric vehicle market reaches a demand plateau, major corporations are withdrawing from EV charging while private equity firms move in to build scale, according to Asia Business Daily. Investment banking sources said Anchor EP is discussing the purchase of iParking, an unmanned parking and EV charging subsidiary of SK Innovation E&S, at up to 400 billion won for full ownership. Anchor EP is already the largest shareholder in SK Electlink, an EV charging company, and is also seeking to acquire SK Signet, a charger manufacturer. SK is conducting a tender offer to delist SK Signet and make it a wholly owned subsidiary to facilitate the deal. The goal is vertical integration across the value chain, from manufacturing to installation and operation.
True Blue Equity, a newly formed private equity firm, is moving to take control of HUMAX Mobility, which operates Hi Parking, Korea's largest parking-lot operator, along with an EV charging business that has returned to profitability. An IB source said HUMAX had tried to sell its charging unit for two years and ultimately chose to sell it alongside the parking business.
The investment case rests on the economics of slow chargers, which are installed where vehicles park for long periods, such as homes and workplaces, and generate steadier use. Fast chargers are costlier to install, electricity is expensive, and utilization is around 1% over 24 hours, which the report characterizes as structurally unprofitable. SK Electlink ranks 12th in slow chargers with 6,764 units; the iParking deal would add 9,730 units and move it into the top 10, while HUMAX Mobility would rank seventh under True Blue Equity. Pluglink, backed by JKL Investment, led the country in net slow-charger additions through September. Buying existing chargers from small and midsize operators can cost less than new installations, and Hanwha Qcells sold its charging assets to Pluglink after entering under the Hanwha Motive brand.
Strategic buyers are also consolidating. GS Chargev, which ranks first by slow-charger count, reportedly acquired the EV charging business of iMarketKorea, a Samsung Group procurement company, for about 5 billion won, and bought Spharos EV from Shinsegae I&C for 27 billion won at the end of 2025. Hyundai Engineering, an affiliate of Hyundai Motor Group, has reportedly planned to absorb Korea Electric Vehicle Charging Service through a merger involving Hyundai Motor and Kia. An IB source said large operators' losses have widened since 2025, prompting them to pursue operators with 1,000 to 2,000 slow chargers, and that companies are now competing for apartment slow-charging sites as available locations run out.
True Blue Equity, a newly formed private equity firm, is moving to take control of HUMAX Mobility, which operates Hi Parking, Korea's largest parking-lot operator, along with an EV charging business that has returned to profitability. An IB source said HUMAX had tried to sell its charging unit for two years and ultimately chose to sell it alongside the parking business.
The investment case rests on the economics of slow chargers, which are installed where vehicles park for long periods, such as homes and workplaces, and generate steadier use. Fast chargers are costlier to install, electricity is expensive, and utilization is around 1% over 24 hours, which the report characterizes as structurally unprofitable. SK Electlink ranks 12th in slow chargers with 6,764 units; the iParking deal would add 9,730 units and move it into the top 10, while HUMAX Mobility would rank seventh under True Blue Equity. Pluglink, backed by JKL Investment, led the country in net slow-charger additions through September. Buying existing chargers from small and midsize operators can cost less than new installations, and Hanwha Qcells sold its charging assets to Pluglink after entering under the Hanwha Motive brand.
Strategic buyers are also consolidating. GS Chargev, which ranks first by slow-charger count, reportedly acquired the EV charging business of iMarketKorea, a Samsung Group procurement company, for about 5 billion won, and bought Spharos EV from Shinsegae I&C for 27 billion won at the end of 2025. Hyundai Engineering, an affiliate of Hyundai Motor Group, has reportedly planned to absorb Korea Electric Vehicle Charging Service through a merger involving Hyundai Motor and Kia. An IB source said large operators' losses have widened since 2025, prompting them to pursue operators with 1,000 to 2,000 slow chargers, and that companies are now competing for apartment slow-charging sites as available locations run out.
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