In the fast-evolving electric vehicle sector, ModernTec Corp. Ltd. has nurtured a strong reputation as an innovator. In a span of just over 10 years, the South Korean company has gone from makers of EV chargers to EV makers.
As of 2022, more than 1,220 electronic buses were playing the roads of South Korea, where 80% of EV buses were made by ModernTec, the country’s largest manufacturer of EVs in the country.
So, how did ModernTec come to dominate South Korea’s $267-million EV market?
The power of know-how
The company's founders were visionaries, having recognized the potential of electric mobility long before it became a global trend. Their expertise in battery technology, vehicle design, and electric propulsion systems positioned them as frontrunners in the race to electrify transportation.
ModernTec's dedication to research and development also paid off handsomely. Their EV buses are renowned for their efficiency, reliability, and eco-friendliness.
“We had a big tie-up with the Korean government in 2017 to provide the EV chargers for the public transportation systems. In 2022, we launched some beautiful models of robots, which will charge EVs directly. Now, we have five international patents and 15 domestic patents related to EV technology,” said ModernTec CEO Seong-Doo Kim.
The open sharing of knowledge
ModernTec has also stood out for its commitment to sharing knowledge with the global market, partly in recognition of the urgent need to combat climate change and promote sustainable transportation. This openness has yielded partnerships with companies and governments around the globe. By exporting its technology and expertise, the company has accelerated the adoption of EVs in various countries across Europe and Asia.
“The reasons behind our success is because of a few factors, firstly our know-how of the technology. We know it deeply. Secondly, we understand the technology from the customer's point of view. We don't make the things that we can make. We make the things that our customer needs,” said R&D Department Global Coordinator and Deputy Dr. Harsh Tiwari.
As the world strives to build a more sustainable future, ModernTec stands out as one of the leaders who can teach other players how to help create a greener, cleaner, and more electrified world for future generations.