Socar Launches V2G Demonstration Project in Jeju Using Rental Cars with Regulatory Sandbox Application

The mobility platform SoCar is embarking on a technology demonstration that connects electric vehicle rental cars to the power grid. SoCar has launched a 'Vehicle to Grid (V2G)' demonstration project at the Jeju SoCar terminal. V2G is a technology that allows electric vehicle batteries to send and receive electricity bidirectionally with the power grid, utilizing electric vehicles not just as transportation means but also as energy storage systems (ESS) that can store and supply power. This project is being promoted through the 'regulatory sandbox demonstration exemption' approved by the Ministry of Trade, Industry and Energy, the Ministry of Environment, and the Ministry of Land, Infrastructure and Transport. With the easing of regulations that previously restricted the discharging of electric vehicles at industrial charging facilities and the participation of rental cars in the power market, the project has become feasible. The demonstration site is the Jeju SoCar terminal, where SoCar has installed 15 bidirectional chargers and dedicated V2G parking spaces. The demonstration vehicles include the Hyundai Ioniq 9 and Kia EV9, both equipped with large-capacity batteries and supporting V2G functionality. Through this demonstration, SoCar plans to analyze charging and discharging operation data and establish operational standards. Additionally, in the first half of this year, SoCar plans to expand the installation of bidirectional chargers up to 200 units in conjunction with the R&D project of the Korea Energy Technology Evaluation Institute (KETEP). Jeju Island boasts an electric vehicle adoption rate of about 10%, the highest in the nation, and has a high proportion of renewable energy sources such as wind and solar power. Moreover, with approximately 30,000 rental cars in operation, it is considered an ideal environment for validating energy resource models based on electric vehicles. Jung Jin-ho, head of SoCar's EV Strategy Business Team, stated, "We are at the stage of verifying the possibility of utilizing electric vehicles as energy resources beyond just transportation means," and emphasized, "We will focus on identifying new energy business models."