Yesterday, LG Electronics bought AppleMango Co. a South Korean electric vehicle (EV) charger solutions provider, Ltd., jointly with GS Energy and GS Neotek. This acquisition allows LG to skip the development of its own technology and enter straight into the market with a fully-featured charging station.
As we know, AppleMango stations are known for their sturdy, dust and waterproof outdoor display technology. According to TechCrunch, LG has purchased a 60% stake in the company, GS Energy 34%, and GS Neotek 6%.
LG will work with both companies, with GS Energy operating the EV charging stations while GS Neotek provides the necessary infrastructure.
LG will install an EV charger production line at its LG Digital Park in South Korea by the end of 2022. LG did not confirm if they will also open lines in any of their other facilities overseas.
The line’s goal will be to provide customers with custom EV charging solutions. The line will produce home chargers and chargers for larger clients such as hotels and public buildings.
Part of the acquisition is that it will allow LG to marry the new charging capabilities with its in-house EV charging management system. It is a wise decision and one that will allow LG to instantly become a player in the EV charging infrastructure space both in South Korea and abroad.