LG Electronics Inc LGEJY scooped South Korean electric vehicle (EV) charger solutions provider, AppleMango Co., Ltd., jointly with GS Energy and GS Neotek.
LG acquired a 60% stake while GS Energy and GS Neotek took over 34% and 6%, respectively, in AppleMango, which will become a subsidiary of LG Electronics, TechCrunch reports.
According to a local media report, the acquisition size is worth $7.8 million (10 billion KRW). The acquisition will likely accelerate the growth of LG's EV charging solution business.
Established in 2019, AppleMango has developed proprietary technologies and systems, including a slim, fast charger, to meet the rising global demand for EV charging solutions.
In addition to the company's charging tech, LG will secure access to the necessary operational infrastructure by working closely with GS Energy and GS Neotek.
LG aims to set up an EV charger production line at LG Digital Park in South Korea by 2022 for customized EV charging solutions for private residences, shopping malls, hotels, and public institutions.
LG is set to leverage its expertise in creating user-friendly interfaces to make the EV charging experience in South Korea pleasant and easy for drivers.
Additionally, by moving into the EV charging business, LG can create more synergy between its EV battery development, energy storage systems, energy management solutions, and chargers.
The move comes nearly a year after LG Electronics exited its loss-making mobile business to focus on growth areas like EVs, the internet of things (IoT), and B2B solutions.
Recently Tesla, Inc TSLA supplier Contemporary Amperex Technology Co Ltd challenged Panasonic Holdings Corp's PCRFY EV batter meant for the EV maker.
CATL's battery which ranges over 1,000 kilometers (620 miles) on a single charge, claimed to be 13% more potent than Tesla's 4680 battery to be made by Panasonic.
Photo by Wikimedia Commons
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.