Chaevi to build EV charging network in Canada

Chaevi CEO Choi Young-hoon, left, poses with Foreseeson CEO Moon Sung-ub during a memorandum of understanding signing ceremony at Chaevi’s Gangnam-Seocho Center in Seoul, March 27. Courtesy of CHAEVI

Korean fast-charging infrastructure operator Chaevi has signed a supply agreement with Foreseeson Technology, a clean energy and electric vehicle (EV) infrastructure company based in Richmond, British Columbia.

Under the deal, the two companies are expected to build ultra-fast EV charging networks and develop energy storage systems and operations software in Canada.

The deal was signed on March 27 at Chaevi's Gangnam-Seocho Center in Seoul.

A Chaevi official said the company will supply its 400-kilowatt ultra-fast chargers, while Foreseeson Technology, a Canadian firm specializing in EV charging, electronics manufacturing and IT security distribution, will manage site acquisition, installation, operations and carbon credit revenue.

The two companies said they plan to roll out the infrastructure first in British Columbia, with plans to expand across Canada.

The partnership is based on a no-upfront-cost model, in which Foreseeson directly invests in, installs and operates the charging equipment and energy storage systems at host sites.

Revenue from charging fees and carbon credits is then shared with site owners. The companies described the model as a key competitive advantage over rivals such as Tesla, highlighting its ability to secure prime locations without requiring site owners to shoulder upfront costs.

Chaevi will supply chargers compatible with 400-kilowatt ultra-fast EV charging connectors. The initial delivery phase will include technical training, guidance for warranty representatives and a three-year on-site warranty service.

They said orders are expected to reach 100 units in 2026 and exceed 200 units annually from 2027, with British Columbia serving as the initial base before expansion into Quebec, Ontario and other major Canadian markets.

The revenue model draws on multiple income streams.

Electricity procurement and operating costs run about 18 cents per kilowatt-hour, while charging fees of roughly 33 cents per kilowatt-hour — combined with British Columbia’s carbon reduction credits and federal clean fuel incentives totaling 35 cents — generate a net margin of around 50 cents per kilowatt-hour after operating costs, the companies said.

The companies said combining Chaevi’s 400-kilowatt chargers with energy storage systems could cut monthly peak electricity demand charges by more than $1,750 per site, based on current exchange rates. The British Columbia government currently covers up to 80 percent of installation costs for such energy storage systems.

Chaevi CEO Choi Young-hoon said the partnership with Foreseeson, which brings 25 years of experience in manufacturing and EV infrastructure in Canada, will provide a key foundation for the company’s entry into the North American market.

Foreseeson CEO Moon Sung-ub said the goal is to build a world-class ultra-fast charging network across Canada, beginning in British Columbia, by leveraging the no-upfront-cost model alongside carbon credit revenue streams.

Chaevi currently operates about 10,000 fast-charging stations nationwide and holds certifications for European, U.S. and domestic markets. The company previously signed a supply agreement with UAE energy firm EEE and said the Foreseeson deal expands its export footprint from the Middle East into North America.

This article was published with the assistance of generative AI and edited by The Korea Times.