LG Electronics Inc. has announced a strategic business agreement with ChargePoint, the leading electric vehicle (EV) charging operator (CPO) in North America. This partnership is set to significantly expand LG’s presence in the EV charging market.
ChargePoint operates a vast network of EV charging stations across the US and Canada and extends its operations to 16 European countries and India. With this agreement, LG Electronics gains access to ChargePoint’s extensive infrastructure.
The collaboration aims to integrate LG Electronics’ chargers, produced in the US since January, with ChargePoint’s charging management software, which has received security certification from the US federal government. This integration is expected to enhance their competitiveness in securing contracts for public institution infrastructure expansion.
The partnership will also target new customer segments, including B2B partners such as hotels, hospitals, and shopping malls within LG Electronics’ network. Additionally, LG plans to incorporate its commercial display advertising solution, LG DOOH Ads, into EV chargers and link its ThinQ platform with ChargePoint’s home EV charging solution, Home Flex.
This move positions LG Electronics to advance as a leading charging solution provider, leveraging ChargePoint’s infrastructure and software capabilities.
According to German consulting firm Roland Berger, the global EV charging market is projected to grow at an average annual rate of 23.5%, reaching approximately $186 billion by 2030. The US, the largest EV charging market globally, aims to establish 500,000 EV charging stations by 2030, significantly accelerating infrastructure development.
This partnership between LG Electronics and ChargePoint marks a strategic step towards capitalizing on the rapid growth of the EV charging market, combining strengths to offer enhanced and integrated charging solutions.
