LGU+ and Kakao Mobility establish joint venture to expand electric vehicle charging business (South Korea)

Telecommunications companies LG U+ (LGU+) and Kakao Mobility have established a joint venture, LGU+Boltup (hereinafter referred to as Boltup), to operate an electric vehicle (EV) charging business.
The two companies signed an agreement to establish a joint venture in June 2023. Each company will invest 25 billion won (approximately 2.839 billion yen) as capital. LGU+ will invest 50% and one share, while Kaka
Omobility will hold a 50% stake. LGU+'s existing EV charging business division aims to quickly transfer to BoltUp. Approximately 10,000 chargers operated by LGU+ and the
Customer service will continue to be provided as usual. Volt Up will install instant chargers in places where customers want and expand its coverage area. Currently, about
In addition to the 10,000 chargers, the company plans to expand to office buildings, commercial facilities, etc. It will also use customer data obtained from the expansion of its service area to provide individualized services.
We will continue to improve the charging app to make it more intuitive to use. We will develop and invest in next-generation chargers to help customers charge their EVs more efficiently.
The aim is to make the entire process convenient. In addition, new services will be introduced, such as individual fee systems and products that will lead to price reductions if consumers make an effort to save energy.
We will strive to differentiate ourselves by doing so.