LG Electronics today announced the acquisition of a South Korean company. The aim is to enter the EV charging solution business under the wave of global electrification.
LG Electronics acquired a 60 percent stake in local battery maker AppleMango, while GS Energy and GS Neotek acquired 34 percent and 6 percent of the company, respectively, the company said in a statement.
AppleMango has become a subsidiary of LG Electronics. As a result, LG will develop its own charger for electric vehicles and plans to build a factory at LG Digital Park in Pyeongtaek, Gyeonggi Province, to produce EV charger for homes, shopping malls, hotels and government buildings.
LG Electronics said they hope to work with GS to seek synergies between its own EV charging control system and its newly acquired EV charger development technology, and become a total solution provider for EV charging.
LG said it plans to build a new EV charging line this year at its LG Digital campus in Pyeongtaek, about 60 kilometers south of Seoul, According to Yonhap. Through the acquisition, LG aims to strengthen its business portfolio along with its existing automotive electronics business in the “era of electric vehicles,” the LG statement said.
