LG Electronics is stepping into EV charging business

As the worldwide competition to produce everything linked to EVs intensifies, LG Electronics has acquired AppleMango, a South Korean developer of electric car battery chargers.

The acquisition, which was done in partnership with GS Energy, a producer of EV charging stations, and GS Neotek, a provider of IT services, will enable LG to take advantage of upcoming commercial prospects.

According to Paik Ki-mun, senior vice president of LG Electronics, “the EV charging market is likely to increase significantly due to the surging demand for more environmentally friendly automobiles.”

“We will provide specialised, integrated vehicle charging solutions for a variety of customers, boosting the competitiveness of our existing and assuring our preparation for future prospects,” the statement reads.

In AppleMango, which will now be a subsidiary of LG Electronics, LG Electronics purchased a 60 per cent share, while GS Energy and GS Neotek acquired 34 and 6 per cent, respectively.

The deal’s financial details were kept between the firms. The projected cost of the transaction is $7.8 million, according to rumours.

In order to concentrate on its growing markets, such as electric cars, the internet of things (IoT), and B2B solutions, LG Electronics shut down its loss-making mobile business about a year ago.

To make EV charging in South Korea a pleasant and simple experience for drivers, LG Electronics is prepared to take advantage of its experience in developing user-friendly interfaces.

The company added that by entering the EV charging market, LG can increase the synergy between its work on EV batteries, energy storage systems, energy management solutions, and chargers.

By the end of this year, the tech giant intends to establish an EV charger production line at LG Digital Park in South Korea with the goal of offering specialised EV charging options for private houses, retail establishments, lodging facilities, and public organisations.

The acquired company brings to the acquisition a wide range of EV charging solution technologies, from slow chargers to rapid chargers for household and commercial use.

LG did not specify whether it planned to continue selling AppleMango’s chargers.