LG buys start-up developing compact and powerful electric vehicle chargers

LG Electronics (LG) has entered into an agreement with GS Energy and GS Neotek to acquire South Korean company AppleMango, a developer of battery charging solutions for electrified vehicles. AppleMango was founded in 2019. It has developed many proprietary technologies that allow the creation of fast charging stations in a compact design.

The financial terms of the deal were not disclosed. According to media reports, we are talking about approximately $ 7.8 million. At the same time, LG Electronics will receive a 60 percent stake in AppleMango, while GS Energy and GS Neotek will control 34% and 6% of this startup, respectively.

The acquisition is expected to accelerate the growth of LG\’s electric vehicle charging solutions business. In particular, LG intends to design full-featured charging stations with a user-friendly interface and real-time control/management capabilities. In addition, the acquisition will create synergies with LG\’s ongoing efforts in automotive components, including developing and supplying batteries for electric vehicles and other products.

By the end of this year, a line for the production of new charging stations will be formed on the territory of LG Digital Park in South Korea. LG intends to offer devices for various segments such as private homes, shopping malls, hotels, and public institutions.

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Posted by ZEE

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