LG Electronics acquired South Korean electric vehicle (EV) charger solutions provider, AppleMango Co, jointly with GS Energy and GS Neotek, at a time when the government is focusing on the development of an EV ecosystem in India amid a global surge in its demand.
The company said the acquisition will help LG’s EV charging solution business grow and leverage EVs' growing demand, in a statement on June 27.
The new acquisition will help LG integrate the charger development technology from AppleMango with its existing EV charging management system, added the company.
Established in 2019, AppleMango has developed a slim, fast charger for EV charging. In addition to the company’s market-leading charging tech, LG will secure access to the necessary operational infrastructure from GS Energy and GS Neotek, who have an experience in operating EV charging stations, said LG Electronics in the statement.
With this move, LG said it plans to create fully featured EV charging stations. The company also said it would customise charging stations for private residences, shopping malls, hotels, and public institutions.
Along those lines, LG aims to establish an EV charger production line at LG Digital Park in South Korea, this year.
“The EV charging market is expected to grow rapidly due to the surging demand for more eco-friendly vehicles,” said Paik Ki-mun, senior vice president of LG Electronics Business Solutions Company.