Paik Ki-mun, senior vice president of LG Electronics, said that "the EV charging market is expected to grow rapidly due to the surging demand for more eco-friendly vehicles. We will offer customized, integrated vehicle charging solutions for diverse customers, enhancing the competitiveness of our existing and ensuring our readiness for future opportunities."
In the acquisition, LG took a 60% stake, while GS Energy and GS Neotek took 34% and 6% respectively. Accordingly, AppleMango will become a subsidiary of LG Electronics.
While the companies didn't disclose the financial terms of the deal, local reports estimated the purchase at around 7.8 million USD.
LG Electronics aims to make the charging infrastructure more accessible for drivers through friendlier user interfaces.
Company officials also noted that by focusing more on EVs as a whole, LG might become better when it comes to the development of EV battery technologies, energy storage systems and energy management solutions and chargers.
The South Korean company wants to set up an EV charger production line at LG Digital Park in its home country by the end of the year. This way, LG hopes to be able to deliver customized EV charging solutions for private residences, shopping malls and hotels, among other places.