BoltUp Becomes a Subsidiary of LGU+... Existing Businesses Also Merged
LGU+ Hyun Jun-yong, Head of EV Charging Business Unit, Appointed CEO
LG Uplus announced on the 5th that its electric vehicle charging joint venture ‘LG Uplus VoltUp (hereinafter VoltUp)’, established together with Kakao Mobility, has officially launched.
LG Uplus and Kakao Mobility signed the establishment agreement in June last year and received final approval for the corporate merger from the Fair Trade Commission in April this year. The synergy is expected to arise from combining LG Uplus’s nationwide infrastructure operation know-how, including base stations and data centers, with Kakao Mobility’s capabilities in building and operating Mobility as a Service (MaaS) platforms.
After the final approval of the corporate merger, both companies will invest 25 billion KRW each, raising a total capital of 50 billion KRW. LG Uplus will hold 50% plus one share, and Kakao Mobility will hold 50% of the shares. Accordingly, VoltUp will be included as a consolidated subsidiary of LG Uplus.
The management team will have LG Uplus appoint the Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Chief Operating Officer (COO), while Kakao Mobility will appoint the Chief Strategy Officer (CSO) and Chief Technology Officer (CTO).
The electric vehicle charging business division previously operated by LG Uplus will be transferred to the newly established company through administrative procedures. The approximately 10,000 chargers and services currently operated by LG Uplus will continue to be provided as before.
The CEO appointed is Vice President Hyun Jun-yong, who has led LG Uplus’s EV Charging Business Unit. Hyun joined LG Group in 1995 and worked at LG Electronics and LG Telecom before serving as head of the EV Charging Business Unit since 2023. Through the launch announcement, he stated, “We will engrave the successful DNA accumulated by both companies in their respective fields into the new joint venture and strive to maximize synergy through cooperation. It is very meaningful to establish an eco-friendly business, an electric vehicle charging company, on UN World Environment Day.”
VoltUp plans to implement three differentiated strategies to secure competitiveness. First, in addition to the approximately 10,000 chargers currently operated mainly in apartments, it will expand infrastructure coverage to office buildings and commercial facilities. Based on the customer usage data secured through this, customized services will also be provided.
Additionally, to create a convenient charging service environment, the application’s UI/UX will be revamped, and development and investment in next-generation chargers will continue. Furthermore, new business models will be introduced to the electric vehicle charging market. Personalized pricing plans and products that lower prices as consumers make energy-saving efforts are expected to be launched.
VoltUp was selected as a subsidized charging business operator by the Ministry of Environment in March last year and, as of the end of May, operates about 10,000 chargers at over 2,000 charging stations nationwide.
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