Acquires 100% stake in electric vehicle charger company Apple Mango
“It will help foster the SW·HW integrated solution business”

As part of its preparation for the future, LG Electronics announced its entry into the electric vehicle charging solution business by acquiring shares in a promising domestic electric vehicle charger specialist company and internalizing its charger development capabilities.

LG Electronics announced on the 27th that it signed a stock purchase agreement with GS Energy and GS Neotek to jointly acquire a 100% stake in electric vehicle charger specialist AppleMango Co., Ltd.

LG Electronics will acquire a 60% stake, and Apple Mango will be incorporated as a subsidiary of LG Electronics. GS Energy and GS Neotek acquire 34% and 6% stakes, respectively.

Apple Mango, founded in 2019, possesses the original technology for electric vehicle chargers that meet various needs in homes and commercial spaces, from slow chargers to fast chargers.

In particular, the company is recognized for its competitiveness by securing proprietary technologies required for designing slim rapid chargers that significantly improve charger design and installation convenience.

LG Electronics is entering the electric vehicle charging solution business with the acquisition of Apple Mango as a starting point, and is actively fostering it as a future growth engine.

The strategy is to secure charger development capabilities through this acquisition in addition to the charging control technology accumulated through in-house research and development, thereby emerging as an integrated solution provider encompassing both software and hardware.

LG Electronics has accumulated understanding of customers and spaces across a wide range of fields, from homes to business spaces, through its B2C and B2B businesses.

In addition, the manufacturing, quality control, A/S, and supply chain capabilities recognized in the global market are expected to be of great help in fostering the electric vehicle charging solution business, which requires high reliability.

In particular, the company plans to supply differentiated charging solutions by incorporating the technological prowess it has accumulated in the commercial display field, such as ▲body (stability including waterproofing and dustproofing), ▲display (user-friendly UI/UX), and ▲control system (real-time monitoring and content management), as well as the power management and heat dissipation technologies it has secured in the energy business, such as energy storage systems (ESS) and energy management solution beacons (BECON).

With this, LG Electronics has established a business portfolio optimized for the future era of electric vehicles by entering the electric vehicle charging solution business in addition to its electric vehicle business including the VS Business Division (infotainment), ZKW (lamp), and LG Magna e-Powertrain (electric vehicle powertrain). High synergy is also expected with the group's battery business, which is expected to see rapid growth in the future.

Baek Ki-moon, executive vice president of LG Electronics, said, “In the electric vehicle charging market, which is expected to grow rapidly, we will provide customized integrated solutions that customers need based on our expertise and know-how in the B2B business.”

Meanwhile, the electric vehicle charging market is expected to grow rapidly due to the increasing demand for eco-friendly vehicles.

The global electric vehicle charging infrastructure market is expected to grow from $55 billion (KRW 70 trillion) next year to $325 billion (KRW 410 trillion) by 2030.