LG Expands EV Solutions Portfolio

LG Electronics (LG) said today that it has purchased AppleMango Co., Ltd., a South Korean provider of electric vehicle (EV) charger solutions, along with GS Energy and GS Neotek.

Photo Insert: LG will also establish an EV charger production line at LG Digital Park in South Korea this year.

The acquisition is expected to enhance LG's EV charging solution business growth and allow the company to capitalize on future business prospects.

“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, adding, “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.”

AppleMango, which was founded in 2019, has created proprietary technologies and systems, including a small, fast charger, to fulfill the growing global demand for EV charging solutions.

LG will acquire access to the essential operational infrastructure in addition to its market-leading charging technology by collaborating closely with GS Energy and GS Neotek. Both GS companies have extensive expertise running EV charging stations and other related businesses.

This strategic move, combined with LG's expertise and breadth of experience in both B2C and B2B segments, will allow the business to develop fully-featured charging stations with a user-friendly interface and real-time control/management. LG is expanding its EV charging solution business by leveraging its superior digital signage technology, particularly its IP-rated outdoor digital display with a strong, dust- and water-proof shell.

The new acquisition will assist LG in becoming an integrated solutions provider by combining its new charger development capabilities with its current in-house-developed EV charging management system.

Furthermore, the move is intended to establish synergy with LG's continuing activities in the vehicle component space, including the development and sale of EV batteries and related products such as energy storage systems (ESS) and energy management solutions.

LG now has a robust EV business portfolio, with the recently launched EV charging solution business joining other LG-owned entities like the LG Vehicle component Solutions (VS) Company, ZKW Group, and the LG Magna e-Powertrain joint venture.

LG will also establish an EV charger production line at LG Digital Park in South Korea this year, with the goal of providing tailored charging solutions for diverse settings in the near future, including private houses, retail malls, hotels, and public organizations.

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