Korean tech conglomerate LG is starting to make strides in the EV charging market. LG has bought a 60% stake in EV Battery Charger manufacturer AppleMango. The aquisition has been made in collaboration with GS Energy and GS Neotek, with both acquiring 34% and 6% stake respectively.
In a statement, Paik Ki-Mun, Senior Vice President at 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.”
LG aims to set up an EV Charger manufacturing unit at LG Digital Park in South Korea, about 60 KMs away from Seoul, by the end of this year. The move contributes to LGs diversification and expansion. LG will have a headstart in the market, given their experience and expertise in Internet of Things (IoT). LG is expected to deliver and smooth and pleasant interface for their EV charging products for private residences, shopping malls, hotels and public institutions , keeping improvement of customer experience at the forefront. “With the purchase, LG seeks to improve its business portfolio in the era of EVs, alongside the existing automotive electronics business,” LG said in a statement.
Financial terms of the deal were not put out in the public domain. Local media reports put the number around $8 million. It also remains unclear on weather LG will keep the AppleMango Label intact and if products would still be sold under it. The aquisition does bring at LG’s disposal, AppleMango’s flexible product line consisting of slow and rapid chargers meant for both personal and commercial use.
LG, along with multiple other Korean companies, have had their eye on the EV sector for quite some time. In 2013, the company launched LG vehicle Component solutions company. They also acquired Austrian automotive lighting company ZKW in 2018. LG’s enthusiasm to expand into the EV market comes a year after they shut the door on their Smartphone Manufacturing arm.