Aligned With Vision of Achieving KRW 100 Trillion in B2B Revenue by 2030,
Company Enters MOU to Develop Next-Generation EV Charging Solutions
SEOUL, June 18, 2024 — LG Electronics (LG) recently signed a memorandum of understanding (MOU) and a definitive agreement for commercial electric vehicle (EV) charging in the United States with ChargePoint, a leading provider of networked charging solutions for EVs. LG anticipates that the MOU will accelerate the growth of its EV charging business. The MOU is also expected to further expedite the growth of LG’s B2B operations and support the company’s transformation into a Smart Life Solutions company.
ChargePoint, which has more than 306,000 active ports under management on its network, operates across the North America and Europe. Last year, LG CEO William Cho identified the EV charging business as LG’s new growth engine, and has committed to developing it into a trillion-KRW scale enterprise by 2030. With the recently signed MOU, LG will be able to leverage ChargePoint’s expansive network to explore EV charger supply opportunities around the globe, while ChargePoint, its customers and its drivers stand to benefit from LG’s reliable, high-quality EV charging solutions.
Enhancing EV Charging Business Through LG and ChargePoint’s Synergy
Through the agreement, LG augments its existing client base by securing ChargePoint, which possesses an extensive portfolio of charging solutions, as a customer. Meanwhile, ChargePoint will receive a stable supply of LG’s high-quality EV chargers.
The new partnership is also expected to boost the competitiveness of both companies with regard to securing contracts for public sector charging infrastructure projects. Crucial factors determining the selection of business operators for U.S. government projects include domestic production, quality and security levels. LG’s EV chargers, which are made in Texas, have received Underwriter Laboratories certification for charging stability. Additionally, ChargePoint cloud software products have been authorized by the Federal Risk and Authorization Management Program.
LG has established itself as a trusted business partner in North America through its various B2B concerns, including hotel TVs, digital signage and robot solutions. LG and ChargePoint will collaborate to expand their charging business, targeting new customers as well as LG’s existing B2B partners in hospitality, healthcare, retail and other sectors.
Bolstering Market Position by Leveraging LG DOOH Ads and LG ThinQ
As part of the MOU, the two companies are exploring the viability of integrating LG’s existing platforms used in other sectors – such as the LG DOOH Ads digital out of home (DOOH) advertising solution for commercial displays – into their EV charging solutions. Applying the LG DOOH Ads solution to EV charger displays will enable the convenient broadcast of diverse advertisements and enhancement of B2B customer experience.
LG and ChargePoint also plan to develop a smart home solution that connects EV chargers and household devices via the LG ThinQ smart home platform and ChargePoint’s award-winning Home Flex home charging solution. Through its collaborations with ChargePoint, LG expects to elevate its position in the highly-competitive EV charger market and reinforce its reputation as a reliable and innovative EV charging solutions provider.
“There is incredible synergy between our two companies, and we fully anticipate that this partnership will help LG to become a global leader in the EV charging business,” said Suh Heung-kyu, vice president and head of the Electric Vehicle Charging business division of LG Business Solutions Company. “LG will continue to pursue strategic collaborations to advance innovation and further strengthen its status as a total EV charging solutions provider.”
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Source: LG Pressroom
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