Tin Hang Liu, founder of the company Open Energy / Courtesy of Open Energy

One of the most rapidly evolving industries in Korea and beyond is the electric vehicle (EV) industry, which has been growing steadily for more than a decade. The market share for EVs is only projected to get bigger with time as sustainability becomes a global trend. There are many advantages that come with driving an EV, such as reduced carbon emissions, lower maintenance costs and fuel efficiency. As such, the Korean startup ecosystem is seeing a diverse range of ideas come to life in the EV industry. A rising star in the Seoul startup scene at the moment is Tin Hang Liu, founder of the company Open Energy.

Hailing from a Chinese Italian background, Liu acquired a taste for automotive at a young age. He brought his passion for cars and robots to Silicon Valley, where he received mentorship from ChatGPT's Sam Altman and launched a startup with the support of Y Combinator, a startup accelerator company.

With the experience he gained in the U.S., Liu saw Korea as the perfect place to start Open Energy. “Korea is uniquely positioned in the EV space as one of the few countries globally with strongholds in car manufacturing, battery cell technology and electronics, all of which are key for global exports and industry leadership," he told The Korea Times. "This alignment makes Korea an ideal market for Open Energy, where our EV Battery Swap solution can support high-volume sectors such as fleet and logistics.”

A graphic representation of a HyperSwap station by Open Energy / Courtesy of Open Energy

Using a combination of technology used by aerospace and Formula One, Open Energy produces EV battery swap stations called HyperSwap. “With swap times as short as two and a half minutes, our technology offers twice the speed of a typical gas station visit and at least 10 times the speed of fast charging. This means that users not only save time but also enjoy a safer, more stable charging experience that minimizes battery degradation,” Liu said.

Liu acknowledged that the EV industry has a long way to go in gaining customer trust on the topic of safety. On Aug. 2, a Mercedes-Benz EQE exploded at an underground parking lot in Incheon, destroying over 140 cars in the process. The explosion was suspected to be caused by a defect in the car battery, spurring EV phobia in some consumers. Liu contended that HyperSwap stations take into consideration these concerns.

“Each time a battery is swapped, our stations perform a 'health check,' identifying any early signs of wear or defect," he said. "By doing this, we're able to detect faulty batteries early on and replace them with safe, healthy ones. This process isn't just convenient — it actively enhances the safety of EVs on the road, addressing a concern that's top of mind for many Korean drivers.”

Open Energy is one of the 40 startups selected to compete in the K-Startup Grand Challenge 2024 program, chosen from a total of 1,716 startups from 114 countries. The challenge, sponsored by the Ministry of SMEs and Startups, aims to help outstanding foreign startups settle and succeed in Korea.

Liu said this opportunity will bring him one step closer to his goal of bringing safety, speed and sustainability to the forefront of the Korean EV market.

“Open Energy envisions a future where sustainable transport and energy systems are fully integrated, and Korea is a strategic part of that vision,” he said.

Visit openenergy.co for more information.

Alice Hong is a freelance writer and comedian based in Seoul. Follow @hippohong on Instagram.