LG Electronics is accelerating its global expansion in the electric vehicle (EV) charging business in partnership with North America’s leading charge point operator (CPO).
Recently, LG Electronics signed a cooperation agreement for the expansion of its EV charging business with ChargePoint, a North American CPO. The agreement ceremony took place at ChargePoint’s headquarters in Campbell, California, attended by LG Electronics’ EV charging business head, Seo Heung-kyu, and ChargePoint’s CEO, Pasquale Romano.
ChargePoint operates EV charging stations throughout the United States and Canada, making it the largest CPO in North America. The company is also involved in the EV charging business in 16 countries across Europe and India.
LG Electronics’ CEO, Jo Joo-wan, identified the EV charger business as one of the new growth engines aimed at achieving a revenue target of 100 trillion won by 2030. He stated that they would rapidly develop it into a trillion-won business. Following the start of EV charger production at its Texas factory in January, this agreement sets the stage for expanding the EV charging business into the North American and eventually European global markets.
With this agreement, LG Electronics will add ChargePoint, which has vast charging infrastructure, as a new customer in addition to its existing CPO clients. ChargePoint will be able to receive a stable supply of high-quality LG Electronics EV chargers.
The two companies expect that this agreement will enhance their competitiveness in securing contracts for public charging infrastructure expansions and similar projects. For U.S. government projects, factors such as domestic production and quality/security levels are considered in selecting operators. The LG EV chargers produced in Texas have been certified for charging stability by UL, and ChargePoint’s charging management software has acquired security certification from the U.S. federal government (FedRAMP).
The collaboration between LG Electronics and ChargePoint is also expected to generate synergies in discovering new charging business opportunities. LG Electronics has established a reputation as a trusted business partner, operating various B2B businesses such as hotel TVs, digital signage, and robotics in the North American region. The two companies will collaborate to expand their charging business to new customers, including B2B partners in the hospitality, healthcare, and retail sectors that LG Electronics is connected with.
To enhance its position as a “charging solutions provider” beyond just a “charger manufacturer,” LG Electronics will promote the advancement of EV charging solutions in collaboration with ChargePoint.
Initially, both companies will work together to implement LG’s commercial display advertising solution, “LG DOOH Ads,” on electric vehicle chargers. LG DOOH Ads is a solution that delivers optimized advertising content for various environments, including stores and outdoor settings. By applying LG DOOH Ads to charging station displays, they will conveniently showcase various advertisements and expand the solution experience for B2B customers.
Additionally, they will collaborate to link LG’s ThinQ with ChargePoint’s residential EV charging solution, Home Flex. This integration will allow ThinQ to not only control home appliances but also manage the charging status and schedule, ultimately expanding into a smart home platform for comprehensive management of home devices and EV chargers.
According to Roland Berger, a German consulting firm, the global EV charging market is expected to grow at an annual rate of 23.5%, reaching approximately $186 billion by 2030, driven by eco-friendly regulations and the push for electric vehicle adoption. Particularly in the United States, the largest market for EV charging, a special law for expanding the national EV charging infrastructure (NEVI) was enacted in 2021 aiming to establish a total of 500,000 charging stations by 2030.
Seo Heung-kyu, head of LG Electronics’ EV charging business, stated, “We will establish ourselves as a leading EV charging solutions provider in the global market in collaboration with ChargePoint, North America’s largest CPO.”
Lee Sang-jin daedusj@autodiary.kr