[Alpha Biz=(Chicago) Reporter Paul Lee] LG Uplus announced that it will establish a joint venture with Kakao Mobility to charge electric vehicles.

LG Uplus announced on the 30th, "We will establish a joint venture (JV) with the main business purpose of electric vehicle charging service in order to secure competitiveness in electric vehicle charging market." Kakao Mobility's parent company, Kakao, also announced the same content.

The two companies invested about 25 billion won each for the joint venture. The share ratio is 50％ each. LG Uplus takes one more week than Kakao Mobility, which acquired 10 million shares and acquired 10 million shares. Accordingly, the joint venture will be included in LG U+'s consolidated subsidiary.

The name and representative of the company will be confirmed when establishing a joint venture. LG Uplus took over the electric vehicle charging division of its subsidiary LG HelloVision in January and started the electric vehicle charging platform business.

In the second half of this year, the electric vehicle charging platform 'Vault Up' is set to be released. The app, which is currently being tested, informs you of the location of the electric car charging station and helps you make a reservation to charge it at any time you want. It also provides payment and point accumulation after charging, and also provides a 24-hour counseling center.

Kakao Mobility does not directly operate a charging platform, but it provides search and payment services for electric vehicle charging stations. The industry predicts that both companies will integrate electric vehicle charging platforms.

 

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