Owners
AppleMango - South Korean manufacturer charging stations for. electric vehicles
History
2022: LG Electronics bought AppleMango
On June 26, 2022, LG Electronics announced the purchase of AppleMango at a price that the companies did not disclose. Electric vehicle charging station operator GS Energy and IT company GS Neotek also took part in the deal.
LG Electronics acquired a 60% stake in AppleMango, while GS Energy and GS Neotek received 34% and 6%, respectively, in AppleMango, which will become a subsidiary of LG Electronics after the deal. According to, to data the South Korean MEDIA the transaction value amounted to $7.8 million.
LG Electronics intends to use its experience in creating convenient interfaces to make the charging process for electric vehicles in South Korea pleasant and easy for drivers, the company said. In addition, by entering the electric vehicle charging equipment market, the company will be able to create synergy between the development of batteries for electric vehicles, storage systems, as well as energy management solutions and chargers, the press release said.
{{quote 'The EV charging market is expected to grow rapidly due to the growing demand for greener vehicles! Using our know-how and expertise in the B2B sector, we will offer customized, integrated vehicle charging solutions for a variety of customers, increasing the competitiveness of our existing ones and ensuring our readiness for future opportunities, said LG Electronics Senior Vice President Paik Ki-mun. }} The tech giant plans to install an electric car charger line at LG Digital Park in South Korea by the end of 2022. Although the company did not say whether LG Electronics intends to continue selling AppleMango chargers, they noted that the acquired company offers a wide range of technologies for charging electric vehicles - from slow chargers to fast chargers for residential and commercial premises.[1]
Notes
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