LG Electronics acquisition of Apple Mango.

As part of the future preparation, LG Electronics will acquire a stake in promising electric vehicle chargers and enter the electric vehicle charging solution business.

LG Electronics recently signed a stock trading contract to acquire 100%of its stake in Apple Mango, an electric vehicle charger company in collaboration with GS Energy and GS Neotech. LG Electronics secures a 60%stake, and Apple Mango will be incorporated as a subsidiary of LG Electronics. GS Energy and GS Neotech acquire 34%and 6%of shares, respectively.

Apple Mango was founded in 2019. From slow charger to fast charger, it owns the original technology of electric vehicle chargers that correspond to various demands of home and commercial spaces. In particular, it is recognized for its competitiveness by securing its own technology for the design of a slim fast charger that greatly enhances the design and convenience of installation.

LG Electronics will internalize charger development capabilities through this acquisition. As of this year, the company plans to build an electric vehicle charger production line at LG Digital Park, Pyeongtaek-si, Gyeonggi-do, and expand its supply to various customers such as home, shopping malls, hotels and public institutions.

In particular, through the joint acquisition of GS affiliates, which have a large number of contacts with customers using the charger, the company has secured a stable supply of electric vehicle charging solutions and sustainable growth engines.

GS Energy is expected to speed up the expansion of the electric vehicle charging business by establishing a value chain from the manufacture of the charger to the charging station operation. GS Energy is continuously expanding its electric car charging service business by launching G-Knonect, an electric vehicle charging service joint venture with domestic charging company Zantel last year.

■ Strengthening the EV era optimized business portfolio

LG Electronics will enter the electric vehicle charging solution business from the acquisition of Apple Mango and foster them with future food. In addition to the charging control technology that has been accumulated through its own research and development, the company will secure the ability to develop chargers and become an integrated solution supplier that encompasses software and hardware.

LG Electronics has accumulated understanding of customers and spaces in various fields, from home to business spaces through B2C and B2B businesses. In addition, manufacturing, quality control, A/S, and supply chain capabilities, which are recognized in the global market, are also expected to be a great help in fostering the electric vehicle charging solution project, which requires high reliability.

In particular, the technology accumulated in the field of commercial displays such as ▲ display (waterproof and dustproof) The company plans to supply differentiated charging solutions by combining power management and heat dissipation technology secured in energy businesses such as BECON.

As a result, LG Electronics has entered the electric vehicle charging solution business in addition to the electronics business such as VS Business Division (Infotainment), ZKW (Lamp), and LG Magna Evail Train (EV Powertrain). I did. In the future, synergies are expected with the battery business in the group, which is expected to grow in the future.

As demand for eco-friendly cars, the electric vehicle charging market is expected to grow rapidly. The global electric vehicle charging infrastructure market is expected to grow from $ 55 billion next year to $ 325 billion in 2030.

LG Electronics began the development of electric vehicle charging solutions in the CTO division in 2018. In 2020, GS Caltex supplied electric vehicle charging integrated management solutions to the future gas station energy plus hub opened in Seocho-gu, Seoul. Since then, the BS (Business Solution) division, which is in charge of the B2B business, has been preparing for commercialization and accumulating related capabilities.

Baek Ki-moon, executive director of LG Electronics, said, We will provide customized integrated solutions that customers need based on the expertise and know-how of the B2B business in the electric vehicle charging market, which is expected to grow rapidly.