LG has acquired EV charger manufacturer AppleMango in a joint venture with GS Energy and GS Neotek to expand its EV charging solution business and deploy its own technologies. LG expects the EV charging market to grow rapidly and will meet the demand with its in-house solutions. The move is a part of LG’s strategy to further develop its EV business portfolio. It plans to install EV charging stations in its business park in South Korea by the end of the year, with more to come for business and residential sectors.
LG Electronics (LG) today announced it has acquired South Korean electric vehicle (EV) charger solutions provider, AppleMango Co., Ltd., jointly with GS Energy and GS Neotek. The acquisition is expected to accelerate the growth of LG’s EV charging solution business and enable the company to take advantage of future business opportunities.
This strategic move, combined with LG’s own expertise and wealth of experience in both B2C and B2B segments, will enable the company to create fully-featured charging stations boasting a user-friendly interface and real-time control/management. LG continues to strengthen its EV charging solution business leveraging its exceptional digital signage technologies – specifically, its IP-rated outdoor digital display with sturdy, dust- and water-proof enclosure.
Established in 2019, AppleMango has developed proprietary technologies and systems, including a slim, fast charger, to meet the rising global demand for EV charging solutions. In addition to the company’s market-leading charging tech, LG will secure access to the necessary operational infrastructure by working closely with GS Energy and GS Neotek. Both GS companies have considerable experience in operating EV charging stations and related businesses.
The new acquisition will help LG to become an integrated solutions provider, bringing together its new charger development capabilities and existing in-house-developed EV charging management system. Moreover, the move is expected to create synergy with LG’s ongoing efforts in the area of vehicle components, including the development and supply of EV batteries and adjacent products, such as energy storage system (ESS) and energy management solutions.
“The EV charging market is expected to grow rapidly due to the surging demand for more eco-friendly vehicles,” said Paik Ki-mun, senior vice president of LG Electronics Business Solutions Company. “Leveraging our know-how and experience in the B2B sector, we will offer customized, integrated vehicle charging solutions for diverse customers, enhancing the competitiveness of our existing business and ensuring our readiness for future opportunities.”
LG now boasts a comprehensive EV business portfolio, with the recently-launched EV charging solution business joining other LG-owned concerns, including the LG Vehicle component Solutions (VS) Company, ZKW Group and the LG Magna e-Powertrain joint venture. This year, LG will establish an EV charger production line at LG Digital Park in South Korea, and aims to provide customized charging solution for various settings, such as private residences, shopping malls, hotels and public institutions, in the near future.