LG Electronics (LG) has acquired South Korean electric vehicle (EV) charger solutions provider, AppleMango Co., Ltd., jointly with GS Energy and GS Neotek.
Established in 2019, AppleMango has developed proprietary technologies and systems, including a slim, fast charger, to meet the rising global demand for EV charging solutions.
In addition to the company’s charging tech, LG will secure access to the necessary operational infrastructure by working closely with GS Energy and GS Neotek. Both GS companies have considerable experience in operating EV charging stations and related businesses.
The new acquisition will help LG to become an integrated solutions provider, bringing together its new charger development capabilities and existing in-house-developed EV charging management system. Moreover, the move is expected to create synergy with LG’s ongoing efforts in the area of vehicle components, including the development and supply of EV batteries and adjacent products, such as energy storage system (ESS) and energy management solutions.
Paik Ki-mun, senior vice president of LG Electronics Business Solutions Company, 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.”
