LG takes new steps for EV charging solutions

LG Electronics has made a new acquisition for its electric vehicle charging solution (EV). The company has acquired South Korea-based electric vehicle charging solutions provider AppleMango. With this acquisition, LG’s steps in the EV charging solution business are expected to accelerate.

LG to build EV charging production line this year

Founded in 2019 and focusing on developing proprietary technologies and systems, including fast chargers, to meet growing global demand, AppleMango, with the new acquisition, will help LG expand its new charger development capabilities.

Paik Ki-mun, senior vice president of Business Solutions Company at LG Electronics, said: “The EV charging market is expected to grow rapidly due to the increasing demand for more environmentally friendly vehicles. Using our knowledge and experience in the B2B industry, we will provide customized, integrated car charging solutions for a variety of customers, complementing our existing business. We will increase our competitiveness and ensure that we are ready for future opportunities.” said.

LG partnered with EV charging station operator GS Energy and an IT provider GS Neotek in the AppleMango acquisition. According to TechCrunch’s report, LG bought 60%, GS Energy 34% and GS Neotek 6%. According to local media, the acquisition is said to have taken place for $7.8 million (10 billion KRW).

LG plans to set up an EV charging production line at LG Digital Park in South Korea this year. In addition, the company aims to offer customized charging solutions for various venues such as private residences, shopping malls and public institutions in the near future.