LG Electronics Steps into EV charging Business by Acquiring AppleMango

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

LG Electronics Steps into EV charging Business by Acquiring AppleMango

In AppleMango, LG Electronics purchased a 60 percent share, while GS Energy and GS Neotek acquired 34 and 6 percent, respectively. The deal’s financial details were kept between the firms. The projected cost of the transaction is $7.8 million, according to a local media article (10 billion KRW). In order to concentrate on growing markets, such as electric cars, the internet of things (IoT), and B2-B solutions, LG Electronics shut down its loss-making mobile business a year ago. In a statement, the vice president of LG electronics said,

The EV charging market is expected to grow rapidly due to the surging demand for more eco-friendly vehicles. 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 and ensuring our readiness for future opportunities.

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 specialized EV charging options for private houses, retail establishments, lodging facilities, and public organizations. 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.

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