LG Steps Into EV Charging Market, Buys Charger Maker AppleMango

LG's EV Charging Station.

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LG EV Charging Station
Image: LG

LG Electronics, GS Energy, and GS Neotek have acquired AppleMango, a South Korean electrical vehicle battery producer. AppleMango will now become the subsidiary of LG Electronics after the deal.

GS Energy is an EV charging station operator, while GS Energy is an IT service provider that will lay a helping hand for LG Electronics to prosper in the EVs sector. The Vice President of LG Electronics officially stated the news. As of now, the company did not officially disclose the deal’s financial terms.

LG Electronics is entering the EV charging sector

Talking about the stake of each investor in this deal, LG Electronics has acquired a 60% stake, GS Energy 34%, and GS Neotek 6%. The total acquisition size of this deal is estimated at around $7.8 million.

The senior vice president has also made it apparent that the company, via its experience in the B2B sector, will offer customers customized and integrated charging solutions.

The deal took place after a year when the company shut down its loss-making business to make growing markets its primary focus. The company plans to focus on rapidly growing sectors like electric cars and the Internet of things (IoT).

LG is also planning to increase the synergy between its work on energy management solutions and energy storage systems, EV batteries, and chargers by entering the EV charging market.

The partners in this deal, GS Energy and GS Neotek have vast experience operating EV charging stations, which would be handy for LG Electronic. The tech giant can access the required operation infrastructure via these two partners.

The EV charging solution market is expected to grow to $316 billion by 2030. As automobile manufacturers are more concerned and socially responsible toward the environment, it would be no surprise that we can see these figures turning into reality in the coming times.

LG will set up an EV charger production line at the end of this year. It will offer charging solutions to public organizations, private houses, and retail establishments. 

Sameer

Sameer

I am a technophile, writer, YouTuber, and SEO analyst who is insane about tech and enjoys experimenting with numerous devices. An engineer by degree but a writer from the heart. I run a Youtube channel known as “XtreamDroid” that focuses on Android apps, how-to guides, and tips & tricks.

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