LG Electronics, GS Holdings Acquire EV Charger Maker AppleMango

LG Electronics [066570:KS] has bought a 60% share in South Korean battery company AppleMango, with the remaining 40% acquired by GS Energy and GS Neotek, as reported by Korea Economic Daily on June 27. LG Electronics plans to build a facility at LG Digital Park in Pyeongtaek, Gyeonggi Province to produce electric vehicle (EV) charging stations for residential areas, commercial malls, hotels, and government buildings. The value of the deal is not yet disclosed by the firms. According to industry observers, the three companies are estimated to have spent a total of KRW10bn (USD7.8 million) for 100% ownership of AppleMango.

LG Electronics plans to enter the EV charging industry and collaborate with GS Holdings [078930:KS], the parent company of GS Energy and GS Neotek. GS Holdings is working to convert its countrywide gas stations into EV charging stations. With the promotion of South Korea’s commitment to carbon neutrality and the rapid expansion of the EV sector, more energy firms are focusing on the EV charging market. SK Energy, GS Caltex [GSCALZ:KS], and Hyundai Oilbank [1082Z:KS] are all aggressively reorganizing their operations by converting current gas stations to hybrid stations for electric and fuel cars. Specifically, SK Energy has bought roughly 53.4% of the shares of Signet EV, a manufacturer of EV charging stations. Meanwhile, since 2019, GS Caltex has been developing its EV charging business and has already installed over 100 EV chargers at more than 70 gas stations and LPG charging stations in South Korea.

Sources:

https://www.kedglobal.com/electric-vehicles/newsView/ked202206270008

https://finance.sina.com.cn/jjxw/2021-12-07/doc-ikyakumx2554383.shtml

http://www.fgc360.com/pingdaoxinwen/show.php?itemid=13624

http://finance.people.com.cn/n1/2022/0524/c1004-32428873.html