November 29, 2024

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LG Electronics Vice President Suh Heung-kyu (left) and ChargePoint CEO Rick Wilmer pose for photos after signing a strategic partnership for the electric vehicles charging business. (LG Electronics)

LG Electronics said Wednesday it has teamed up with ChargePoint, a leading provider of networked charging solutions for electric vehicles, to leverage their respective strengths for future innovations in EV charging.

The two sides recently signed a memorandum of understanding for commercial EV charging in the US. Through the agreement, LG augments its existing client base by securing ChargePoint, which possesses an extensive portfolio of charging solutions, as a customer.

ChargePoint has more than 306,000 active ports under management on its network, operating EV charging stations throughout the US and Canada. It also conducts EV charging business in 16 European countries and India.

The recent partnership is expected to enhance the competitiveness of both companies in winning orders for public sector charging infrastructure projects by combining LG’s chargers, which have been produced in the US since January, and ChargePoint's charging control software, which has obtained security certification from the US federal government.

They plan to collaborate to expand their charging business by targeting new customers as well as LG’s existing business-to-business partners in hospitality, health care and retail, as the Korean tech giant has established itself as a trusted business partner in North America.

Under the deal, the sides will work together to explore LG’s existing platforms used in other sectors -- such as the LG Dooh Ads digital out-of-home advertising solution for commercial displays -- into their EV charging solutions.

They will also 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.

LG Electronics CEO Cho Joo-wan previously highlighted EV charging infrastructure as one of the key growth drivers to achieve the company’s vision of reaching 100 trillion won ($72.5 billion) in revenue by 2030. He announced that he would swiftly develop it into a trillion-won project.

“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 at LG.

By Jie Ye-eun (yeeun@heraldcorp.com)