LG Electronics said it had acquired a domestic EV charging maker, AppleMango, to advance into the EV charging solutions business and a global electrification push.
LG Electronics recently acquired a 60% stake in AppleMango, with GS Neotek and GS Energy taking over 6% and 34% stakes in the company, respectively, to secure a new growth engine, the firm said in a statement. LG Electronics did not reveal the financial terms of the deal. However, a local media report estimates the acquisition size at nearly $7.8 million (10 billion KRW).
LG’s acquisition comes almost a year after the firm shut down its loss-producing mobile sector to focus on its growth areas such as EVs, B2B solutions, and the internet of things (IoT).
LG Electronics is structured to leverage its expertise in creating user-friendly interfaces to make the charging experience for EV owners easy and pleasant.
Additionally, the firm said that by venturing into the EV charging business, LG could produce more synergy between its EV battery development, energy management solutions, energy storage solutions, and chargers.
The South Korean tech giant plans to set up an EV charger production line at LG Digital Park in South Korea by the year-end to provide customized EV charging solutions for private residences, shopping malls, hotels, and public institutions.
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