LG has acquired AppleMango, a developer of electric car battery chargers in South Korea, as the race to produce all things electric vehicles is growing globally.
The company said the acquisition, which was made jointly with GS Energy, an EV charging station operator, and GS Neotek, an IT provider, will allow LG to capitalize on future business and development opportunities.
“The electric vehicle charging market is expected to grow rapidly due to the increasing demand for more environmentally friendly vehicles,” said LG’s senior vice president in a statement. “By leveraging our knowledge and experience in the B2B sector, we will provide customized and integrated vehicle charging solutions to customers, enhancing competitiveness and ensuring we are prepared for future opportunities.”
LG acquired a 60% stake while GS Energy and GS Neotek acquired 34% and 6% respectively in AppleMango, which will become a subsidiary of LG after the deal.
The two companies did not disclose the financial terms of the deal, as it is believed that the size of the acquisition is estimated at 7.8 million dollars.
The move comes nearly a year after LG closed its loss-making mobile phone business to focus on growth areas such as electric vehicles, the Internet of Things (IoT) and B2B solutions.