TBU Inc.

TBU Inc., operating under the brand elecvery, is a comprehensive electric vehicle (EV) charging solutions provider founded in South Korea on December 30, 2020, by CEO Baek Sang-jin. The company is tackling the challenge of insufficient charging infrastructure through a two-pronged approach that combines a sophisticated mobile application with a mobile charging service.

The core of its offering is the elecvery mobile app, an integrated platform for EV drivers. Utilizing artificial intelligence, the app provides users with personalized recommendations for the nearest and most suitable charging stations. It considers various factors such as the user's vehicle type, charging speed, real-time station congestion, and calculates an optimal charging rate by factoring in both charging and parking fees. This allows users to view all necessary information, from connector types to payment details, in a single interface.

Recognizing the limitations of stationary charging points, TBU developed an on-demand, mobile charging service, often described as a "charging delivery service". This service utilizes trucks equipped with Energy Storage Systems (ESS) and both fast (50kW) and slow chargers to travel directly to a customer's location. This model is particularly aimed at serving areas with a lack of charging infrastructure and assisting drivers with mobility challenges. The company has gained regulatory approval from the Ministry of Trade, Industry and Energy for this service and is conducting testbed projects with the Seoul Metropolitan Government.

Financially, TBU Inc. has secured investments from firms including FuturePlay, HL Mando, and DIPS 1000+. The company is expanding its reach internationally, targeting the United States market through a partnership with American EV charging operator Eneridge. This collaboration aims to introduce TBU's mobile fast-charging systems to the U.S., starting with California. A significant milestone in this expansion was the approval of its mobile charging system under California's Clean Off-Road Equipment Voucher Incentive Project (CORE), making it the first Korean company and the first ESS-based system to be listed, which provides substantial purchase subsidies.

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