When people think of batteries, they usually associate them with electric vehicles (EVs) and energy storage systems (ESS). These are markets dominated by large corporations.
However, there are various other applications for batteries, such as in industrial machinery and personal mobility. These areas represent a low-volume, high-mix production market that is challenging for large corporations to address. We aim to target this niche market.
Kwon Ki-jung, CEO of ribiTec, outlined the company’s goals in an interview with ZDNet Korea. ribiTec is a joint venture established by Blackstone Resort, a golf course operator, and CTNS, a battery pack manufacturing company founded by Kwon.
The first niche market identified by the two companies is golf carts. ribiTec currently repurposes used batteries into golf cart batteries and equips them with IT capabilities to collect and manage battery data. These batteries are being used in approximately 80 golf carts at Blackstone Resort’s golf course in Jeju, South Korea.
This offers two significant advantages. First, by utilizing used EV batteries with substantial residual value, ribiTec provides golf cart batteries at a lower cost than new products.
Second, by incorporating IT features for battery management, golf cart operation at the resort becomes more efficient. For example, carts left unattended in remote areas of the golf course can be quickly located for retrieval.
This year, concerns over battery safety have surged, particularly following incidents such as the Mercedes-Benz EV fire. CEO Kwon emphasized that the key to ensuring battery safety lies in real-time battery data.
"The biggest concern regarding reused batteries is distrust in their safety, but this can be addressed with IT," said Kwon. "In an environment where battery status is monitored and controlled in real time, accidents can be prevented."
This aspect is particularly favored by golf course managers who often leave carts connected to chargers overnight.
ribiTec is also confident in its price competitiveness. The company plans to offer golf carts equipped with reused batteries through a subscription model. Currently, many golf courses use carts with Chinese batteries, which must be periodically replaced. ribiTec’s service not only offers cost savings but also includes IT features.
The long-term business outlook is promising. EV batteries typically have a lifespan of about 10 years. Considering this, the supply of used EV batteries is expected to grow significantly starting in 2027. By then, the cost of sourcing used batteries is likely to decrease, further reducing supply expenses. Moreover, by integrating IT services, ribiTec aims to enhance its business value, targeting an operating profit margin of around 20%.
Based on field testing at Blackstone Resort’s golf course, the company plans to launch its golf cart subscription service in earnest next year. Ahead of this, it has supplied samples to two other golf courses, setting a goal of deploying 1,500 units and achieving KRW 3 billion in sales.
Through real-time data collected from golf carts, ribiTec intends to continue advancing its battery management technologies. The company’s plans for next year include developing algorithms to prevent battery fires, estimate residual value, and optimize performance.
Another niche market the company is eyeing is forklifts. "Forklift rental operators frequently have to visit sites to check if the forklifts are properly maintained or if they’ve gone off-site," Kwon explained. "This requires hiring several employees for field inspections." Batteries with real-time monitoring capabilities can alleviate this burden.
While battery production processes typically require significant investments, ribiTec leverages CTNS’s digital transformation (DX) capabilities to implement production processes tailored to low-volume, high-mix manufacturing.
"Our autonomous flexible production system allows us to produce various products on a single line," Kwon said. "Producing new battery products usually requires a complete equipment setup, leading to significant time and cost losses. We've addressed this by integrating artificial intelligence (AI)." The system automatically adjusts production equipment based on the battery specifications entered by engineers, reducing production time.
"Although the battery industry is undervalued due to the EV market plateau, there are still many untapped blue oceans," Kwon concluded. "Markets for agricultural machinery, industrial mobility, and robots are still in their early stages, experiencing some initial growing pains."
Kwon Ki-jung, CEO of ribiTec, outlined the company’s goals in an interview with ZDNet Korea. ribiTec is a joint venture established by Blackstone Resort, a golf course operator, and CTNS, a battery pack manufacturing company founded by Kwon.
The first niche market identified by the two companies is golf carts. ribiTec currently repurposes used batteries into golf cart batteries and equips them with IT capabilities to collect and manage battery data. These batteries are being used in approximately 80 golf carts at Blackstone Resort’s golf course in Jeju, South Korea.
This offers two significant advantages. First, by utilizing used EV batteries with substantial residual value, ribiTec provides golf cart batteries at a lower cost than new products.
Second, by incorporating IT features for battery management, golf cart operation at the resort becomes more efficient. For example, carts left unattended in remote areas of the golf course can be quickly located for retrieval.
This year, concerns over battery safety have surged, particularly following incidents such as the Mercedes-Benz EV fire. CEO Kwon emphasized that the key to ensuring battery safety lies in real-time battery data.
"The biggest concern regarding reused batteries is distrust in their safety, but this can be addressed with IT," said Kwon. "In an environment where battery status is monitored and controlled in real time, accidents can be prevented."
This aspect is particularly favored by golf course managers who often leave carts connected to chargers overnight.
ribiTec is also confident in its price competitiveness. The company plans to offer golf carts equipped with reused batteries through a subscription model. Currently, many golf courses use carts with Chinese batteries, which must be periodically replaced. ribiTec’s service not only offers cost savings but also includes IT features.
The long-term business outlook is promising. EV batteries typically have a lifespan of about 10 years. Considering this, the supply of used EV batteries is expected to grow significantly starting in 2027. By then, the cost of sourcing used batteries is likely to decrease, further reducing supply expenses. Moreover, by integrating IT services, ribiTec aims to enhance its business value, targeting an operating profit margin of around 20%.
Based on field testing at Blackstone Resort’s golf course, the company plans to launch its golf cart subscription service in earnest next year. Ahead of this, it has supplied samples to two other golf courses, setting a goal of deploying 1,500 units and achieving KRW 3 billion in sales.
Through real-time data collected from golf carts, ribiTec intends to continue advancing its battery management technologies. The company’s plans for next year include developing algorithms to prevent battery fires, estimate residual value, and optimize performance.
Another niche market the company is eyeing is forklifts. "Forklift rental operators frequently have to visit sites to check if the forklifts are properly maintained or if they’ve gone off-site," Kwon explained. "This requires hiring several employees for field inspections." Batteries with real-time monitoring capabilities can alleviate this burden.
While battery production processes typically require significant investments, ribiTec leverages CTNS’s digital transformation (DX) capabilities to implement production processes tailored to low-volume, high-mix manufacturing.
"Our autonomous flexible production system allows us to produce various products on a single line," Kwon said. "Producing new battery products usually requires a complete equipment setup, leading to significant time and cost losses. We've addressed this by integrating artificial intelligence (AI)." The system automatically adjusts production equipment based on the battery specifications entered by engineers, reducing production time.
"Although the battery industry is undervalued due to the EV market plateau, there are still many untapped blue oceans," Kwon concluded. "Markets for agricultural machinery, industrial mobility, and robots are still in their early stages, experiencing some initial growing pains."