The South Korean multinational LG had acquired a stake of 60% in the South Korean electric vehicle charger solutions provider, AppleMango, jointly with GS Energy and GS Neotek. Out of the remaining 40%, GS Energy has acquired a stake hold of 34%, and GS Neotek has acquired a stake of 6%.
Since AppleMango was founded in 2019, it has produced slow and fast chargers for use in homes and businesses. Among its patent-pending technologies and systems is a thin, fast charger designed to meet the growing global demand for electric vehicle charging solutions (Little Fox).
It is expected that the global electric vehicle charger’s market size will surpass around $64.67 billion by 2030 with a CAGR of 28% from 2022 to 2030, as stated by Precedence Research. The size of the global EV charging business was $7.1 billion in the preceding year.
Acquiring the EV charger business shall accelerate the growth of LG’s EV charging solutions business and enable the company to capture future business opportunities. Furthermore, the acquisition will help LG electronics become a comprehensive solutions provider by combining new charger development capabilities and existing in-house developed EV charging management systems. – LG Electronics
LG plans to build an EV charger manufacturing line in South Korea this year and will provide customized charging solutions to consumers, shopping malls, hotels, and public organizations in the near future.