AUTONEWS

South Korean giant buys company that develops battery charging solutions for electrified vehicles

LG Electronics (LG) has signed 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 a series of proprietary technologies that allow you to create fast charging stations in a compact design.

The financial terms of the deal were not disclosed. As per media reports, we are talking about a value of approximately $7.8 million. At the same time, LG Electronics will receive a 60% 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 complete 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 the development and supply of 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 to various segments such as private homes, shopping malls, hotels and public institutions.

Image source: LG