LG Elec, ChargePoint to collaborate for EV charging

LG Electronics Inc. announced on Wednesday that it had recently signed a business agreement with the No. 1 electric vehicle (EV) charging operator (CPO) ChargePoint in North America to expand the EV charging business. 

ChargePoint is the largest CPO in North America, operating EV charging stations across the US and Canada. ChargePoint operates EV charging businesses in 16 European countries and India.

With this agreement, LG Electronics has secured ChargePoint, which boasts an extensive charging infrastructure.

The two companies aim to combine LG Electronics' chargers, which have been produced in the US since Jan., with ChargePoint's charging management software, which has received security certification from the US federal government.

This combination is expected to enhance their competitiveness in securing contracts for expanding charging infrastructure in public institutions.

The companies plan to collaborate to expand the charging business to new customers, including B2B partners such as hotels, hospitals, and shopping malls that are part of LG Electronics' network.

LG Electronics intends to advance its position as a charging solution provider by enhancing EV charging solutions with ChargePoint.

This includes integrating LG Electronics' commercial display advertising solution LG DOOH Ads into EV chargers and linking the company's ThinQ with ChargePoint's home EV charging solution, Home Flex.

According to German consulting firm Roland Berger, the global EV charging market is expected to grow at an average annual rate of 23.5%, reaching approximately $186 billion by 2030.

The US, the world's largest EV charging market, aims to establish 500,000 EV charging stations by 2030, accelerating the dissemination of charging infrastructure.

Write to Jeong-Soo Hwang at hjs@hankyung.com