South Korea-based Pumpkin, a company specializing in electric commercial vehicle (ECV) charging services, has secured seed investment with participation from Woori Venture Partners and multiple institutional investors.

For the past decade since its founding, Pumpkin had operated without external investment. With this first funding, the company plans to accelerate the expansion of its ECV charging service business, advancement of fast-charging technology, and recruitment of key talent.

Pumpkin attributed this investment milestone to recognition of its strong market potential and competitiveness, citing its dominant market share in Korea’s ECV charging sector, continuous technology development, integrated control platform linking eco-friendly commercial vehicles and charging data, and expansion as a Charge Point Operator (CPO).

In 2024, Pumpkin became the only company in Korea’s ECV fast-charging industry to achieve an operating profit margin exceeding 10%, earning positive evaluations from the market.

The Korean ECV charging market is undergoing rapid transition—from depot-based charging managed by individual operators to shared-use charging services accessible to multiple transportation companies. Positioned at this inflection point, Pumpkin has taken a leading role, securing large-scale charging service projects across Seoul, Gyeonggi, and Chungcheong regions. It is expanding its services beyond city buses to include community buses, electric trucks, chartered buses, and specialty vehicles, contributing to the adoption of eco-friendly commercial vehicles nationwide.

In the first half of this year alone, Pumpkin won 12 additional large depot charging service contracts with local governments and transport operators, and will pursue nationwide contracts for its ECV charging service projects in the second half.

Looking forward, Pumpkin is preparing a next-generation charging station pilot project integrating solar power, hydrogen fuel cells, ESS, and large-scale charging hubs. This model, which has attracted strong government attention, supports real-time power demand-supply optimization, maximized energy efficiency, and stable operation using Virtual Power Plant (VPP) concepts. With immersion cooling ESS technology, it can also prevent fire spread in the event of battery cell ignition, ensuring advanced safety standards.

Currently, Pumpkin is collaborating with Korea’s largest transportation company to develop an integrated control platform that analyzes driving data, charging history, and battery performance of eco-friendly buses (electric and hydrogen). This system provides customized advanced charging services for approximately 700 city buses, enabling fire prevention and cost reduction.

Additionally, Pumpkin has introduced an AI-based multi-layer fire safety system in three public depots in the Seoul metropolitan area. Using heat and smoke sensors with AI thermal imaging cameras, the system enables real-time monitoring, emergency alerts and auto-shutdown during fires, and 24/7 anomaly detection, delivering one of the safest charging services in Korea.

Pumpkin plans to deploy the new funding into charging technology diversification, renewable energy-linked projects, real-time maintenance systems, and recruitment of talent in fast-charging technology. The company has officially launched a “key talent recruitment period” this month, aiming to attract professionals who will lead the growth of Korea’s ECV charging market.

CEO Yong-gil Choi stated, “This investment comes at a pivotal moment as Korea’s ECV charging market transitions from depot-based operations to shared-use charging services. Together with our investors, we will strengthen liquidity, expand customized charging service models for municipalities and transport operators, and solidify our position as the No.1 ECV charging service provider, with a goal of going public by 2028.”