Fortune Electric's subsidiary, Evalue, is set to expand its charging pile network across Taiwan, aiming to install 3,700 units by the end of 2026, which could secure over 30% of the domestic market, according to CEO I-Sheng Hsu. He indicated at a charging pile launch event in northern Taiwan on August 23 that the company might consider an initial public offering (IPO) once the charging business turns profitable.
Evalue currently operates 510 AC charging piles and 83 DC ones. Their combined figure is expected to exceed 1,000 by the end of 2024, with an AC-DC ratio of approximately 9:1. This expansion will boost the company's market share from the current 10% to 15%.
Evalue has secured contracts for nearly 2,000 charging stations from various local government tenders out of a total of 2,500 to 3,000 released across Taiwan. After these stations come online, they are expected to contribute positively to Evalue's revenue.
Market demand and growth projections
As of July 2024, Taiwan had registered over 80,000 electric vehicles (EVs), with 18,000 battery electric vehicles (BEVs) registered in the first half of 2024 alone, accounting for 7.8% of all new vehicle registrations. The Ministry of Transportation reported that by June, there were 78,801 EVs on the road, with 7,328 AC and 2,236 DC charging stations available, leaving significant room for further expansion.
By the end of 2026, Evalue plans to build 2,500 new charging stations, including both self-built units and installations contracted by local governments beyond New Taipei City. Combined with the 1,200 stations in New Taipei City, the company's total network is expected to reach approximately 3,700 stations nationwide, potentially capturing a market share of over 30%.
Evalue's revenue is divided into three main segments: equipment sales, engineering services, and charging operations. Hsu noted that the company is still working to reduce losses in 2024 and may consider an IPO once it becomes profitable.
Technological advancements and international expansion
Evalue offers both charging piles bundled with EVs and public charging piles. It partners with over 80% of EV brands in Taiwan, making it the largest third-party charging station operator. Public charging piles are primarily used at Evalue's own charging stations, and demand from competitors is relatively low. The growth of public charging piles is closely tied to the expansion of Evalue's charging station network.
Evalue's charging piles are available with various power outputs, including 7kW, 11kW, 180kW, and 480kW. The company plans to launch a 640kW unit in early 2025, further enhancing charging speed.
Evalue is also actively developing overseas markets, focusing on the US and Southeast Asia. Due to the upcoming US presidential election, the company will not set up a plant in the US in the short term but will seek local partners.
Hsu noted that as the after-sales maintenance cost of charging stations is high, many potential overseas partners prefer to resolve maintenance issues locally. Therefore, Evalue plans to transfer related technology to local partners after fully discussing after-sales arrangements. Initially, the company will provide hardware and technical support, with the long-term goal of establishing a maintenance center through joint ventures with local partners if the demand volume justifies it.
