Yahoo Movies LG buys its way into the EV charging business
It's acquiring a charger manufacturing company called AppleMango.
LG is jumping into the EV charging business with the acquisition of a South Korean EV battery charger developer called AppleMango, it announced. The move will allow it to create "fully-featured" charging stations with a user-friendly interface and real-time control and management, it said. In particular, it will be able to leverage its "sturdy, dust- and water-proof" outdoor digital display tech.
LG is well-established in electric mobility, developing batteries, screens and sensors for electric cars. It recently joined forces with Magna International to develop e-motors, inverters and onboard chargers for automakers. The acquisition will expand that, allowing it to marry the new charger capabilities with its current in-house EV charging management systems. It'll also allow LG to "create synergy" with its current EV battery business and products like energy storage and energy management systems.
AppleMango was established three years ago in 2019 and has developed proprietary tech like a slim and fast EV charger. LG will also work with partners GS Energy, which operates EV charging stations and IT provider GS Neotek to develop the necessary infrastructure. LG took a 60 percent stake in AppleMango, GS Energy a 34 percent stake and GS Neotek a 6 percent share, according to TechCrunch.
LG plans to install an EV charger production line at LG Digital Park in South Korea by the end of 2022. The goal is to supply a variety of customers with custom EV charging solutions, including private residences, shopping malls, hotels and public buildings.
