LG Electronics announced the acquisition of AppleMango, an electric vehicle (EV) charger solutions provider in South Korea, jointly with GS Energy and GS Neotek.
LG Electronics said the acquisition of EV charger business is expected to accelerate the growth of LG’s EV charging solution business and enable the company to take advantage of future business opportunities.
The global electric vehicle (EV) charger market size is expected to surpass around $64.67 billion by 2030 with a CAGR of 28 percent from 2022 to 2030, according to Precedence Research. The size of the global EV charging business was $7.01 billion in 2021.
AppleMango has developed technologies and systems, including a slim, fast charger, to meet the global demand for EV charging solutions. GS Energy and GS Neotek have considerable experience in operating EV charging stations and related businesses.
The acquisition will help LG to become an integrated solutions provider, bringing together its charger development capabilities and existing in-house-developed EV charging management system. The move is expected to create synergy with LG’s ongoing efforts in the area of vehicle components, including the development and supply of EV batteries and adjacent products, such as energy storage system (ESS) and energy management solutions.
“Leveraging our know-how and experience in the B2B sector, we will offer customized, integrated vehicle charging solutions for diverse customers, enhancing the competitiveness of our existing business and ensuring our readiness for future opportunities,” said Paik Ki-mun, senior vice president of LG Electronics Business Solutions Company.
LG boasts a comprehensive EV business portfolio, with the EV charging solution business joining other LG-owned concerns, including the LG Vehicle component Solutions (VS) Company, ZKW Group and the LG Magna e-Powertrain joint venture.
This year, LG will establish an EV charger production line at LG Digital Park in South Korea, and aims to provide customized charging solution for various settings, such as private residences, shopping malls, hotels and public institutions, in the near future.