LG Electronics acquires Korean battery maker to enter electric vehicle charging pile market

On June 27, according to Sina Technology, LG Electronics announced the acquisition of a South Korean company to enter theelectric vehiclecharging solution business under the wave of global electrification.

LG Electronics recently acquired a 60 percent stake in local battery maker AppleMango for an unspecified amount, while two other companies, GS Energy and GS Neotek, acquired 34 percent and 6 percent, respectively, the company said in a statement. .

AppleMango has become a subsidiary of LG Electronics.As a result, LG will develop its own electric vehiclechargersand plans to build a factory at LG Digital Park in Pyeongtaek, Gyeonggi-do, to produce chargers for homes, shopping malls, hotels and government buildings.

LG Electronics said that it hopes to cooperate with GS to seek synergy between its own electric vehicle charging control system and the newly acquired electric vehicle charging pile development technology, and become an overall solution provider for electric vehicle charging.

LG said it plans to build a new electric vehicle charging line at the LG Digital Park in Pyeongtaek, about 60 kilometers south of Seoul, within this year.With this acquisition, LG aims to strengthen its business portfolio alongside its existing "electric vehicle era" automotive electronics business, LG said in a statement.

According to public information, AppleMango was established in 2019 and has advanced technology in manufacturing slow/fast chargers for home and commercial use.