LG is getting into electric vehicle charging by acquiring a South Korean company specializing in AppleMango.
The future of transportation will be electric or not. On this point there can no longer be any doubt. Various current market players and new entrants position themselves in this segment with varying degrees of confidence. Some tech giants, sometimes far from cars in their core business, like Apple, also want their share of the pie. Today LG is taking another step forward in this market.
LG launches electric vehicle charging
South Korean company LG has decided to enter the electric vehicle market, and in particular the electric vehicle charging market, by acquiring the South Korean company AppleMango, which specializes in electric vehicle chargers. This operation will allow the Asian giant to create charging stations “with all the features”, from the user interface to real-time charging control. LG, in particular, will be able to use its “reliable waterproof and dustproof”outdoor screen technologies.
LG is a well-known brand in the field of electric vehicles, developing batteries, displays and sensors for electric vehicles. The company recently partnered with Magna International to develop electric motors, inverters and on-board chargers for automakers. This acquisition will allow the company to go even further by providing the ability to combine new chargers with existing charge management systems. It will also allow LG to “create synergies”with its current battery business and various products such as energy storage and management systems.
by acquiring specialized South Korean company AppleMango
AppleMango was created three years ago in 2019 and has developed its own technologies, including a fast and very compact electric vehicle charger. LG will also work with partners such as GS Energy, which operates charging stations, and IT provider GS Neotek, to build the necessary infrastructure. According to TechCrunch, LG received a 60% stake in AppleMango, GS Energy 34%, and GS Neotek the remaining 6%.
LG plans to install an electric vehicle charger production line at its LG Digital Park in South Korea by the end of 2022. The goal is to be able to meet the needs of a wide range of customers with customized charging solutions, including private homes, shops. centers and public buildings.