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LG Electronics acquires stake in AppleMango Co. with GS Energy to start EV charging biz
LG Electronics revealed the past weekend that, along with GS Energy Corp., it had acquired a 60% stake in AppleMango Co. This is a strategic deal for LG to advance in the electric vehicle charging business.
It was reported that LG Electronics also hired the former Hyundai Motor research and development (R&D) chief to bolster its future mobility business portfolio. The maker of consumer electronics is adding EV charging biz as carmakers worldwide are shifting to electrification.
As per Yonhap News Agency, the financial details of LG Electronics and GS Energy’s stake acquisition in AppleMango Co. have not been revealed. While LG bought 60%, GS Energy took 34%, and GS Neotek owns six percent of the EV battery company.
LG shared that it is planning to open an EV charging production line at its LG Digital Park located in Pyeongtaek, South Korea. The company hopes to set this up before this year ends.
In a statement, it added that with the acquisition, it is aiming to bolster its business portfolio along with the existing automotive electronics trade in this era of electric vehicles.
The Korea Herald reported that following the deal with LG Electronics and GS Energy, AppleMango, which was established in 2019, will officially become one of LGES’ subsidiaries.
As a new subsidiary, it will be developing its own EV chargers and produce them for households, hotels, shopping malls, and government buildings.
Moreover, LG Electronics’ other goal is to become a total solution provider for EV charging through the linkage of its own charging control systems and AppleMango’s charger development technologies. The firm will be setting up the foundation for its push in the charging market and move forward with more innovations to offer from there.
Meanwhile, AppleMango Co. will certainly help LG Electronics reach its goal as it has advanced technologies in the production of slow and fast chargers designed specifically for household and commercial use.
This is the best time for the partnership deal between the two companies because the global EV charging solutions market today is expected to grow to KRW410 trillion or around $316 billion by the year 2030. This is because automakers are rapidly shiting to battery-powered vehicles and building more EV models amid stricter emissions regulations around the world.