EV battery-swap startup PIT IN raises $8.94M Series A
What's the deal? South Korea's PIT INDealroom has a profile for this one. Try Dealroom →, a commercial electric-vehicle energy platform, has raised a US$10.1M Series A round. ZER01NE, Hyundai MotorDealroom has a profile for this one. Try Dealroom → Group's open innovation platform, joined as a strategic investor, alongside Nautilus InvestmentDealroom has a profile for this one. Try Dealroom →, the Korea Credit Guarantee FundDealroom has a profile for this one. Try Dealroom →, and Korea Asset Investment SecuritiesDealroom has a profile for this one. Try Dealroom →.
What's PIT IN? Spun out of Hyundai Motor in 2023, the company runs a battery-swap subscription service for commercial EVs. By separating vehicle and battery ownership, fleet operators subscribe to batteries only — cutting upfront costs and swapping drained packs for full ones instantly.
By the numbers: The round pushes PIT IN's total funding since spinning out to US$14.5M. At its Anyang station, 37 vehicles across four corporate taxi firms use the swap subscription as of August, while 318 individual taxis use membership charging.
What's the endgame? PIT IN plans to evolve beyond battery swapping into a "distributed energy platform" that links swap stations to the power grid. With the new funds and government backing, it will develop its Station-to-Grid (S2G) technology, which connects stations and the grid bidirectionally.
Chief executive officer Kim Se-kwon said the firm wants to turn its battery stock into "distributed energy resources" for cities, lowering EV energy costs while "reducing peak loads on the power grid" (translated from Korean).
Expansion: The company is building an "Incheon No. 2 mega station" in Bupyeong, roughly five times larger than Anyang and able to handle 200 battery swaps and 500 membership charges daily. Due for completion in February, it will serve as PIT IN's main testbed through 2029, with Busan and Gwangju stations set to break ground in the first half of next year.
The signal: At under $9 million, the raise sits in the lower half of comparable rounds by size — but Hyundai's strategic backing and government research grants signal confidence that battery swapping can double as grid infrastructure, not just a charging workaround.
Read more: wowtale.net
Image credit: PIT IN
