LG will also collaborate with business partners GS Energy, which runs EV charging stations, and IT service provider GS Neotek to create the required infrastructure.
With the acquisition, LG's EV charging solution business is anticipated to grow more quickly and it will be possible for the company to seize new business prospects.
The company claimed that it will be able to design "fully-featured" charging stations with a user-friendly interface and real-time control/management with this strategic move, paired with LG's own expertise and breadth of experience in both the B2C and B2B segments.
With its establishment in 2019, AppleMango has created its own systems and technologies, including a small, fast charger, to suit the increasing need for EV charging solutions throughout the world.
Working closely with GS Energy and GS Neotek, LG will acquire access to the required operational infrastructure in addition to the market-leading charging technology offered by the company.
Both GS companies have a wealth of knowledge in running EV charging stations and other businesses.
With the new acquisition, LG will be able to combine its existing in-house-built EV charging management system with its new charger development skills.
Additionally, the development is anticipated to work in harmony with LG's continuing initiatives in the field of vehicle components, including the creation and delivery of EV batteries and related goods like energy storage systems (ESS) and energy management solutions.
Senior vice president of LG Electronics Business Solutions Company Paik Ki-mun 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 business and ensuring our readiness for future opportunities.”
According to TechCrunch, LG purchased a 60% investment in AppleMango, followed by GS Energy with a 34% stake and GS Neotek with a 6% share.
By the end of 2022, LG intends to set up a production line for EV chargers at its LG Digital Park in South Korea.
The objective is to offer unique EV charging options to a range of clients, including private dwellings, malls, hotels, and public structures.
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