LG Gets Into EV Charging Stations
From LG Korea — LG Electronics recently signed a stock sale agreement with GS Energy and GS Neotek to acquire a 100% stake in AppleMango Co., Ltd., a company specializing in electric vehicle chargers. LG Electronics will acquire a 60% stake, and Apple Mango will be incorporated as a subsidiary of LG Electronics. GS Energy and GS Neotek will acquire 34% and 6% stakes, respectively.
Apple Mango was established in 2019. From slow chargers to fast chargers, we have the original technology for electric vehicle chargers that respond to various demands in homes and commercial spaces. In particular, it is recognized for its competitiveness, such as securing the proprietary technology required for the design of a slim-type fast charger that greatly enhances the design of the charger and the convenience of installation.
Through this acquisition, LG Electronics will internalize its charger development capabilities. By the end of this year, the electric vehicle charger production line will be built at LG Digital Park in Pyeongtaek-si, Gyeonggi-do, and the supply will be expanded to various customers such as homes, shopping malls, hotels, and public institutions.
In particular, through joint acquisitions with GS affiliates, which not only have the know-how to operate a number of charging stations, but also secure contact points with customers who use chargers, it is possible to secure a stable supply of electric vehicle charging solutions and a sustainable growth engine at once.
GS Energy is expected to accelerate the expansion of its electric vehicle charging business by establishing a value chain from charger manufacturing to charging station operation. GS Energy is continuously expanding its electric vehicle charging service business by launching G-Connect, a joint venture for electric vehicle charging service with GNTel, a domestic charging company last year.
From Engadget Point of View
LG buys its way into the EV charging business
It’s acquiring a charger manufacturing company called AppleMango. LG is jumping into the EV charging business with the acquisition of a South Korean EV battery charger developer called AppleMango, it announced. The move will allow it to
■ Fostering electric vehicle charging solution business as future food… Reinforcement of optimized business portfolio in the electric vehicle era
With the acquisition of Apple Mango as a starting point, LG Electronics will enter the electric vehicle charging solution business and nurture it as a future food source. The strategy is to grow into an integrated solution provider encompassing software and hardware by securing charger development capabilities with this acquisition, in addition to the charging control technology that it has accumulated through its own R&D.
Through B2C and B2B businesses, LG Electronics has accumulated an understanding of customers and spaces in various fields from home to business space. In addition, manufacturing, quality control, A/S, and supply chain capabilities that are recognized in the global market are also expected to be of great help in fostering the electric vehicle charging solution business that requires high reliability.
In particular, not only the technology accumulated in the commercial display field such as
- enclosure (waterproof and dustproof, etc. stability)
- display (user-friendly UI/UX)
- control system (real-time monitoring and content management), as well as energy storage system (ESS) and energy management solutions It plans to provide a differentiated charging solution by combining the power management and heat dissipation technology secured in the energy business such as BECON.
With this, LG Electronics will advance into the electric vehicle charging solution business in addition to the electric vehicle business such as
- VS Business Headquarters (infotainment)
- ZKW (lamp)
- LG Magna e-Powertrain (electric vehicle powertrain) and build a business portfolio optimized for the future electric vehicle era. did it High synergy is also expected with the battery business within the group, which is expected to grow rapidly in the future.
The electric vehicle charging market is expected to grow rapidly due to the growing demand for eco-friendly vehicles. The global electric vehicle charging infrastructure market is expected to grow from $55 billion next year (about KRW 70 trillion) to $325 billion (about KRW 410 trillion) in 2030.
LG Electronics started the advanced development of electric vehicle charging solutions in the CTO sector in 2018. In 2020, GS Caltex supplied an integrated electric vehicle charging management solution to the energy plus hub, a futuristic gas station opened in Seocho-gu, Seoul. Along with preparation, we have accumulated relevant competencies.
LG Electronics started the advanced development of electric vehicle charging solutions in the CTO sector in 2018. In 2020, GS Caltex supplied an integrated electric vehicle charging management solution to Energy Plus Hub, a futuristic gas station opened in Seocho-gu, Seoul. After that, the BS (Business Solutions) business headquarters in charge of the B2B business prepared for commercialization and related competencies. have been accumulating
Ki-moon Baek, Executive Vice President of LG Electronics, said, “Based on our expertise and know-how in the B2B business in the fast-growing electric vehicle charging market, we will continue to provide customized integrated solutions that customers need.”
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