LG Electronics has announced that it will be developing it’s own electric vehicle charging stations, following the acquisition of a South Korean battery maker.
LG partnered with GS Energy and GS Neotek to acquire a major stake in battery maker AppleMango. LG says it acquired a 60% stake in AppleMango, while GS Energy took 34% and GS Neotek acquired 6%. AppleMango is now a subsidiary of LG Electronics.
LG says that the EV charging market will be a key growth driver for the company, as it plans to develop household and public charging stations via a yet to be built production plant in LG Digital Park in Pyeongtaek, Gyeonggi Province. The stations will boast user-friendly interfaces and real-time/control management, making use of the company’s digital signage technology.
GS company’s such as GS energy, are already major players in the EV charging market, and GS Energy in particular are expected to become a key partner of LG Electronics as part of the new push. GS Energy’s joint venture with South Korean charging company Gntell, G-connect, helped it secure a value chain in the EV charging market from production to operation. As a result, alongside it’s market leading technology, LG Electronics have gained access to the necessary infrastructure needed to meet the major growth in EV charging demand.
This is not the first moves into the automotive sector for LG, as it already develops solutions for infotainment, lighting systems and EV powertrains. As demand for EVs skyrockets, the charging market is expected to hit $325 billion USD by 2030, from $55 billion next year.
LG Electronics, by combining its own systems with new acquisitions, will become an integrated solutions provider. The company has also stressed that its experience in manufacturing, quality control, repairs and supply chain management will lay the groundwork for the new business venture.
“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. “Leveraging our know-how and experience in the B2B sector, we will offer customized, integrated vehicle charging solutions for diverse customers, enhancing the competitiveness of our existing business and ensuring our readiness for future opportunities.”
