LG ELECTRONICS TO ENTER U.S. EV CHARGING MARKET WITH LINE OF OWNER-OPERATED AC AND DC CHARGERS

2024 Launch Will Leverage LG's Nationwide B2B Sales and Support Network and Rapidly Growing EV Charging Infrastructure to Help Drive Nation's Electrification

LINCOLNSHIRE, Ill., Nov. 16, 2023 /PRNewswire/ -- Global innovator LG Electronics will enter the rapidly growing U.S. electric vehicle charger market in 2024 with the introduction of its first line of AC and DC EV charging stations. According to LG Business Solutions USA's Senior Vice President Nicolas Min, the line will include Level 2 and Level 3 EV chargers, opening new opportunities for businesses, municipalities and other public places to support the electrification of America with independently owned and operated charging stations.

"As a leader in the electrification movement, LG is committed to delivering systems and solutions to help U.S. commercial customers develop the infrastructure to charge electric vehicles, which is critical to the success of the industry and the nation's clean energy goals," Min said. "Our product roadmap supports various use cases to provide a flexible, adaptable family of EV chargers to keep America moving as electric vehicles continue to grow in popularity and capabilities."

LG knows that the U.S. will need hundreds of thousands of additional Level 2 and Level 3 chargers to support the growing number of EVs on the road, and LG will help individual businesses take part in the market without relying on third-party owner operators. By giving hotels, restaurants, venues, transit hubs, municipal buildings and other locations the opportunity to own and operate their own EV charging stations, LG will empower them to set their own rates and ensure enough capacity to meet local demands.

LG's initial product line for the U.S. market will include Level 2 AC Chargers with a load management solution and variable current settings enabling 11kW of output power through a standard SAE J1772 connector. The Level 2 AC Charger will be designed for simple wall mounting with an optional stand that enables placement anywhere. Also planned for next year is LG's first Level 3 DC Charger, a stand-type model with a connected Power Bank that provides fast charging up to 175kW through CCS1 and NACS connectors¹. The Level 3 model will feature a large outdoor LCD touch-screen display that can serve multiple functions for various owners and use cases.

Research released earlier this year by Goldman Sachs and IHS Global Insight predicts that EV sales in the United States will jump from 9 percent of total vehicle sales in 2023 to 20 percent in 2025, "and reaching a stunning 50 percent of total new vehicle sales by 2030," Min said.  "The need here cannot be overstated, and everyone has a role to play from drivers and energy producers to local governments and businesses of every size. By providing more options, LG will increase competition and innovation in the market to the benefit of drivers, businesses and society at large."

LG's EV charger launch supports the company's broader electrification strategy, which empowers customers to convert buildings to more sustainable energy usage, saving money and protecting the environment in the process. LG's suite of whole home electrification products includes heat-pump-enabled HVAC systems, water heaters and dryers, energy storage systems, and ENERGY STAR® certified smart appliances, including induction ranges and cooktops. To further aid in energy and cost savings, LG's ThinQ Energy platform allows customers to take control of their home's energy usage at their fingertips.

Complementing LG Electronics' entry into the EV charger market, its sister company LG Energy Solution is the world's leading producer of EV batteries, investing billions of dollars in U.S. manufacturing.

LG Electronics employs a nationwide network of sales, customer support and technical maintenance professionals that will give LG a significant advantage over smaller EV charging firms and will provide buyers with peace of mind when investing in their privately-owned charging infrastructure.

The new LG chargers coming next year will feature trusted LG software to enable integration with other LG infrastructure elements including digital display networks. Some models may offer additional revenue opportunities through included digital displays that can present third-party advertisements.

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¹Combined Charging System Combo 1 (CCS1) a rapid-charging connector for electric vehicles that is widely used in the U.S. North American Charging Standard (NACS) connectors are used by every car in Tesla's lineup and became available to other manufacturers in 2022.

About LG Business Solutions USA
The LG Electronics USA Business Solutions division serves commercial customers in the U.S. lodging and hospitality, digital signage, systems integration, healthcare, education, government and industrial markets – with cutting-edge commercial displays, robots and electric vehicle charging stations. Based in Lincolnshire, Ill., with its dedicated engineering and customer support team, LG Business Solutions USA delivers business-to-business technology solutions tailored to the particular needs of business environments. Ten-time ENERGY STAR® Partner of the Year LG Electronics USA Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics Inc., a $68 billion global force in consumer electronics, home appliances, air solutions and vehicle components. For more information, please visit www.LGSolutions.com.

SOURCE LG Electronics USA