LG Boosts EV Charging Business With AppleMango Acquisition
LG Electronics acquired AppleMango, a South Korean company specializing in electric vehicle chargers, in an effort to boost its own EV business.
The deal(Opens in a new window), made jointly with EV charging station operator GS Energy and IT provider GS Neotek, will utilize LG's outdoor digital display and touch signage to create fully-featured, user-friendly charging locations.
In addition to AppleMango's proprietary tech (which includes a slim, fast charger), LG has secured the necessary parts to develop and supply EV batteries and related products like energy storage and management systems.
According to South Korean newspaper Maeil Business(Opens in a new window), LG spent an estimated $77.8 million (100 billion South Korean won) on the deal, securing a 60% stake in AppleMango. The startup, established in 2019, will be incorporated as an LG Electronics subsidiary; GS Energy and GS Neotek are set to hold 34% and 6% stakes, respectively.
"The EV charging market is expected to grow rapidly due to the surging demand for more eco-friendly vehicles," Paik Ki-mun, senior VP of LG Electronics Business Solutions Company, said in a statement. "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."
LG has been supplying EV charging control systems to South Korean oil refiner GS Caltex since 2020, currently boasting 130 EV sockets installed at 80 stations nationwide, Maeil Business reported. now it plans to establish an electric vehicle charger production line at LG Digital Park by the end of this year; the aim is to provide
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