On the one hand, LG expects that the memorandum of understanding can accelerate the growth of the EV charging business, and on the other hand, it can give further impetus to the expansion of the company’s B2B activities and support the company’s transformation into a company offering smart lifestyle solutions.
ChargePoint operates in North America and Europe, managing more than 306,000 active stations. Last year, LG CEO William Cho named the EV charging business as the company’s new growth engine and committed to developing it into a 1 trillion Korean won company by 2030. With the recently signed MOU, LG will leverage ChargePoint’s extensive network to explore EV charging delivery opportunities worldwide, while ChargePoint customers and drivers will benefit from LG’s reliable, high-quality EV charging solutions.
Strengthening EV charging business – LG and ChargePoint
Through the agreement, LG expands its existing customer base by gaining ChargePoint, which has a broad portfolio of charging solutions, as a customer, while simultaneously gaining stable access to the development of LG’s high-quality EV chargers.
The new partnership is also expected to increase the competitiveness of both companies in winning contracts for public sector charging infrastructure projects. For government projects in the United States, domestic manufacturing is one of the decisive factors determining the selection of business actors, along with quality and safety levels. LG’s Texas-made EV chargers have been certified by Underwriter Laboratories for charge stability, and ChargePoint’s cloud-based software products have been approved by the US Federal Risk and Licensing Program.
LG has established itself as a trusted business partner in North America thanks to its various B2B businesses, including hotel TVs, digital displays and robotics solutions. LG and ChargePoint are working together to expand the charging business, targeting new customers as well as LG’s existing B2B partners in hospitality, healthcare, retail and other sectors.
Strengthening market position: leveraging LG DOOH Ads and the LG ThinQ platform
As part of the memorandum of understanding, the two companies will examine how LG’s existing platforms used in other sectors, such as LG’s DOOH Ads (Digital out of home) advertising solution for commercial displays, could be integrated into the EV. charging solutions. The application of LG DOOH Ads on the displays of EV chargers enables the convenient transmission and display of various advertisements and improves the B2B customer experience.
LG and ChargePoint also plan to develop a smart home solution that connects EV chargers and home appliances through the LG ThinQ smart home platform and ChargePoint’s award-winning Home Flex home charging solution. By partnering with ChargePoint, LG expects to strengthen its position in the highly competitive EV charging market and further strengthen its reputation as a reliable and innovative provider of EV charging solutions.
“There is incredible synergy between the two companies and we fully expect this partnership to help LG become a global leader in the EV charging business.” said Suh Heung-kyu, vice president and head of LG’s electric vehicle charging business. “LG will continue to pursue strategic collaboration opportunities to drive innovation and further strengthen its status as a provider of end-to-end EV charging solutions.”
Source: www.technokrata.hu
