LG Electronics today announced the acquisition of a South Korean company to enter the electric vehicle charging solutions business amid a wave of global electrification.
LG Electronics recently acquired a 60 percent stake in local battery maker AppleMango for an unspecified amount, while two other companies, GS Energy and GS Neotek, acquired 34 percent and 6 percent of the company’s shares, respectively, the company said in a statement.
AppleMango has become a subsidiary of LG Electronics. As a result, LG will develop its own electric vehicle charging pads and plans to build a factory at LG Digital Park in Pyeongtaek, Gyeonggi Province, to produce charging pads for homes, shopping malls, hotels and government buildings.
LG Electronics Acquires Korean Battery Maker to Enter EV Chargers Market
LG Electronics said it hopes to work with GS to seek synergies between its own EV charging control system and the newly acquired EV charging pile development technology to become a total solution provider for EV charging
According to Yonhap News Agency, LG said it plans to build a new EV charging production line at LG Digital Park in Pyeongtaek City, about 60 kilometers south of Seoul, this year, and LG stated that through the acquisition, LG aims to strengthen its business portfolio together with its existing EV Era automotive electronics business.
AppleMango, which was founded in 2019, has advanced technology in manufacturing slow/fast chargers for home and commercial use, according to publicly available information.