Entrepreneurship challenge: the story of Chairman Wang Jun

"If you have 100 bullets, would you take your time aiming and firing one by one, analyzing and summarizing after each shot? Or would you choose to rapidly fire all 100 rounds, hitting 10 targets initially and then deeply analyzing to identify breakthrough points for further attacks?" Wang Jun asserted decisively, "You should choose the latter, because opportunities are fleeting."

In the span of two years, Injet New Energy's charging stations have been exported to 50 countries. The "sniper" behind this success is Wang Jun (EMBA2014), a seasoned veteran in industrial power supplies. Injet New Energy penetrated the German market with charging stations, showcasing the “Made in China” in front of German technology. The rapid advancement of new energy vehicles has brought tremendous and unprecedented opportunities to the entire industry, one of which is the charging station sector. In this emerging arena, there is fierce competition involving state-owned enterprises such as State Grid Corporation of China, new energy vehicle companies led by Tesla, and international giants like ABB and Siemens. Numerous large players are entering the scene, all eager to grab a piece of this continuously expanding cake, envisioning it as the next trillion-dollar market.

At the core of this cake, the embryo, lies the essential technology of charging stations—power supply. Wang Jun, the chairman of Industrial Power Supply veteran INJET Electric, decided to enter the fray.

Wang Jun (EMBA 2014), along with his team, founded the subsidiary Weiyu Electric in 2016, which has now been rebranded as Injet New Energy, venturing into the charging station sector. On February 13, 2020, INJET Electric went public on the ChiNext board of the Shenzhen Stock Exchange. On the same day, Injet New Energy officially debuted on Alibaba International. In just two years, the charging equipment produced by Injet New Energy has been exported to over 50 countries and regions.

In that year, at the age of 57, Wang Jun gained a clearer understanding of himself: "I just enjoy tinkering." Hence, while going public, he simultaneously embarked on a new entrepreneurial journey.

”The Chairman Sets the Course”

In the 1980s, Wang Jun majored in automation and started working as a technician in a state-owned machinery enterprise. In 1992, he ventured into entrepreneurship and founded INJET Electric, focusing on technical products in the industrial power supply sector. He considered himself fortunate to turn his passion into his profession.

INJET Electric specializes in industrial power supply, essentially providing core components for various industrial sectors. In this "narrow" industry, Wang Jun has dedicated himself to the craft for 30 years, transforming his company into not only a leading enterprise but also a publicly-listed one.

In 1992, the 30-year-old Wang Jun established INJET Electric.

In 2005, with the national push for the development of the photovoltaic industry, INJET Electric began researching and producing core components for photovoltaic equipment.

In 2014, a historic trend emerged. Tesla's luxury electric car, Model S, achieved impressive sales of 22,000 units the previous year and officially entered the Chinese market. The same year saw the establishment of NIO and XPeng Motors, and China increased subsidies for new energy vehicles. In 2016, Wang Jun decided to establish the subsidiary Injet New Energy, entering the electric charging station field.

Looking back with time condensed, Wang Jun's decisions were visionary and wise. Fueled by policies such as "carbon peak, carbon neutrality + new infrastructure," industries experiencing a high level of prosperity, including new energy, photovoltaics, and semiconductors, are entering a period of rapid development.

In 2020, INJET Electric successfully went public, and its charging stations debuted on Alibaba International, marking the commencement of international trade. In 2021, INJET Electric received new orders close to ¥1 billion from the photovoltaic industry, a YoY increase of 225%; new orders from the semiconductor and electronic materials industry amounted to ¥200 million, a YoY increase of 300%; and new orders from the charging station industry reached nearly ¥70 million, a YoY increase of 553%, with half of the orders coming from domestic and international markets, reaching over 50 countries.

"Both Strategy and Tactics are Crucial"

In the realm of charging station "players," there are platforms, operators, and equipment manufacturers, as well as investors. Injet New Energy focuses solely on equipment manufacturing, with a particular expertise in the technical research and development of industrial power supplies.

Traditional charging stations are laden with numerous connections and components, boasting nearly 600 connection points. The assembly and subsequent maintenance are complex, and manufacturing costs are high. After several years of research and development, Injet New Energy pioneered the industry by introducing an integrated power controller in 2019, consolidating core components and reducing the entire wiring system by almost two-thirds. This innovation made charging station production more efficient, assembly simpler, and subsequent maintenance more convenient. This groundbreaking development caused a stir in the industry, earning Injet New Energy the PCT Germany patent and making it the only charging station company on the mainland to receive such a patent. It is also the only company globally capable of producing this structural charging station.

Strategically, Injet New Energy employs a two-pronged approach. Tactically, Wang Jun summarizes it with six words: "Do something, don't take unnecessary risks." One leg focuses on finding major clients in the domestic market. Injet New Energy first established itself in the southwest market, collaborating with major enterprises. In 2021, it partnered with Sichuan Shudao Equipment and Technology Co., Ltd. to deploy charging stations in over 100 service areas along highways in Sichuan China. Additionally, Injet New Energy actively collaborates with large state-owned enterprises in the southwest, engaging in business negotiations. Collaboration with a well-known domestic automotive brand is also progressing smoothly – this is the "doing something." On the other hand, Wang Jun asserts, "The competition in the East and South China markets is too fierce, so we stay away," illustrating the "not taking unnecessary risks" aspect.

The other leg involves stepping beyond national borders. When facing the global market, Wang Jun discovered that overseas labor costs were high, and there was uncertainty in the supply of components. Leveraging the robust product offerings and exceptional services, English New Energy can help overseas partners better promote charging stations and gain a larger market share. With cost-effectiveness and outstanding technology, Injet New Energy is using its products to redefine what "Made in China" means.

“Unlocking the Gateway to the German Market: Grabbing the Keys with Flair”

The complexity of charging station products lies in the responsibility for pre-sales, during sales, and after-sales. Different countries have different product standards, requiring customized specifications for interfaces, currents, materials, and tedious and complex certifications. Entering a new country often means creating an entirely new SKU. However, once established, you hold the key to unlocking that country's market.

"Germans have high expectations for quality, and once there's an issue with an international trade product, there's no chance for recovery. So, there absolutely cannot be any problems," said Wang Jun. However, at that time, Injet New Energy's production line was not as scaled, and processes were still in the exploratory phase. "With an entrepreneurial spirit, we produced each unit one by one, checking and ensuring delivery step by step." Wang Jun believes that only through such a trial and error period can a company truly establish standardized production and quality management systems.

Being recognized by the German market is of great significance. As a world-class manufacturing powerhouse, Germany's manufacturing reputation is renowned. In 2021, with satisfied customer feedback and continuous orders exceeding 10,000 units, Injet New Energy gained recognition in the German market. After earning recognition in Germany, we built a reputation for itself in Europe, with orders coming in steadily from the UK and France.

"I don't know where the next booming market will be, in Europe and America? Or perhaps it might be in Arab countries?" The charging station industry is rapidly evolving, and Wang Jun says, "You really don't know where the outside world will be more exciting." Solid products coupled with impeccable service are the key to winning customers.

Thus, Injet New Energy continues to take on orders from various countries. The first order from Australia was for 200 units, and Japan's first order was for 1800 units, marking Injet New Energy's entry into these countries and achieving breakthroughs. Through these customers, the company can gradually understand local market conditions and the consumption habits of locals regarding new energy products.

In 2021, one of Injet New Energy's charging station products obtained certification from UL in the United States, becoming the first Chinese mainland charging station company to receive UL certification. UL is a globally renowned testing and certification organization, and obtaining its certification is challenging. "This journey has been very difficult," admits Wang Jun, "but the higher the threshold, the taller the protective wall we build." This certification is the key to opening the door to the U.S. market for Injet New Energy.

In 2023, Injet New Energy's new factory officially started operating. Currently, they produce 400,000 AC charging stations annually and 20,000 DC charging stations annually. In line with the global trend towards energy conservation and environmental protection, we have embarked on a new journey of energy storage products. In 2024, Injet New Energy are still on the road."