PIT IN, a South Korean commercial EV energy platform company spun out of Hyundai Motor Group, has secured KRW 12 billion in Series A funding, bringing its cumulative capital raised since its 2023 spin-off to KRW 17.3 billion.
The round drew participation from the Korea Credit Guarantee Fund, Korea Asset Investment Securities, Hyundai Motor Group’s open-innovation platform ZER01NE Ventures, Nautilus Investment, and K-Run Ventures. The Korea Credit Guarantee Fund and Korea Asset Investment Securities served as the main financial investors, while ZER01NE Ventures participated as a strategic investor. The company said it has completed payment of KRW 11 billion of the total, with the remaining KRW 1 billion expected to be paid in early November following final investment-committee procedures.
PIT IN operates a battery-swap service for commercial electric vehicles, including delivery vans and other fleet vehicles, through its network of battery-swap stations. The company’s first station in Anyang has been in operation, and it is building a second “mega station” in Incheon’s Bupyeong district, targeted for completion in February 2027. The Incheon site is planned to incorporate a second-generation battery-swap system and solar-power facilities.
PIT IN plans to use the new capital to expand its battery-swap and charging station network, automate its swap operations, and advance its energy-management technology. The company is positioning its battery-swap stations as distributed energy resources connected to the power grid, developing Station-to-Grid (S2G) technology that enables two-way energy exchange between stations and the grid.
Over the next three years, PIT IN plans to invest approximately KRW 4 billion in research and development, including KRW 3 billion in government support, toward advancing S2G technology and building out its commercial EV energy platform. The company also plans to develop services for purpose-built vehicles (PBVs) and larger commercial EVs, while expanding its station network across the Seoul metropolitan area and into additional regional markets.
