South Korean consumer electronics giant LG Electronics Inc. in hands with GS Energy and GS Neotek is acquiring local electric vehicle recharging solution provider AppleMango to expand its presence in the automotive solution market beyond vehicle component business.

LG Electronics recently signed an agreement to take over a 60-percent stake in AppleMango to make it a subsidiary, with GS Energy acquiring 34 percent stake and GS Neotek 6 percent stake in the EV charger developer, according to the companies on Sunday. The three partners reportedly are acquiring the full 100 percent stake in AppleMango for 10 billion won ($7.8 million).

The Korean consumer electronics giant, which has been aggressively advancing into the automotive solution market, will utilize MangoApple’s EV charging technological expertise to expand its EV solution business. The latest move is expected to further enhance its vehicle components solution business that covers infotainment and ZKW Group, an Austria-based automotive lamp firm acquired by LG in 2018, as well as green automotive solutions. LG also has electric vehicle powertrain joint venture LG Magna e-Powertrain Co. with Canadian auto parts maker Magna International Inc.

AppleMango boasts a wide portfolio of EV charging solution technologies, from rapid and slow charger to those for residential use and business use, according to LG Electronics.

LG Electronics plans to supply EV charging solutions to GS Energy, a holding company engaged in energy business that controls gas and EV charging station operator GS Caltex. LG Electronics currently supplies EV charging monitoring system for GS Caltex’s EV charging units located across Korea.

On Monday, LG Electronics shares rose 0.8 percent to close at 89,700 won. GS companies are not listed.

By Jung Yoo-jung and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]