GS-LG Join Hands in New Electric Vehicle Charging Business... Joint Acquisition of EV Charger Developer

GS Energy and GS Neotek Expand Electric Vehicle Charging Solution Business with LG Electronics
Acquire EV Charger Developer and Manufacturer Apple Mango

Establish EV Charging Business Value Chain from Charger Development and Manufacturing to Charging Station Operation

[Asia Economy Reporter Donghoon Jung] GS Energy and GS Neotek are joining hands with LG Electronics to jointly acquire shares in a promising domestic electric vehicle (EV) charger specialist company, expanding their EV charging solution business. This partnership through joint equity investment by GS and LG is significant as it marks renewed collaboration on next-generation new businesses since their separation in 2005.

According to industry sources on the 26th, GS Energy and GS Neotek signed a stock purchase agreement on the 22nd to jointly acquire 100% of the shares of Apple Mango, a company specializing in the development and manufacturing of EV chargers.

GS Energy and GS Neotek will acquire 34% and 6% of the shares respectively, while LG Electronics will acquire 60%. Established in 2019, Apple Mango holds numerous core technologies necessary for developing chargers that can meet diverse customer demands, ranging from slow chargers to fast chargers. In particular, it has secured proprietary technology required for designing slim fast chargers less than 25 centimeters thick, earning recognition for its outstanding competitiveness in this field.

Following the launch of 'G-Connect,' an EV charging station operation company, last year, GS Energy is now entering the charger development and manufacturing sector through this Apple Mango share acquisition, thereby building a value chain for the EV charging solution business. This enables the stable supply of high-quality chargers and the provision of a higher level of EV charging services. Additionally, plans include commercializing 350 kW ultra-fast chargers and developing smart charging solutions to alleviate residential charging inconveniences, offering differentiated services.

Notably, the joint investment with LG Electronics, which possesses world-class technological capabilities, is expected to serve as a catalyst to elevate the EV charging solution business to the next level. GS and LG’s business cooperation in the EV charging sector began in 2020 when GS Caltex opened the future-oriented gas station ‘Energy Plus Hub’ in Seocho-gu, Seoul, where LG Electronics established an integrated EV charging management solution. Since then, they have continuously collaborated on energy-mobility business development, including battery diagnostics, and this partnership has culminated in joint equity investment between the two companies.

Kim Sung-won, Head of Energy Resource Business Division at GS Energy, said, “GS and LG are companies that share the same roots and have grown and developed in their respective fields after the spin-off. Especially as companies leading the energy and electronics industries, if we reunite to pioneer future new businesses, we expect tremendous synergy.”