South Korea’s third-largest mobile carrier LG Uplus Corp. and transportation company Kakao Mobility announced on Monday their strategic alliance to form a joint venture in the electric vehicle (EV) charging industry by the end of this year.
The partnership will be established through a joint investment agreement, where LG Uplus holds a slight majority stake with 50% + 1 share, while Kakao Mobility retains the rest.
The companies will apply for a corporate merger review with the Fair Trade Commission in the middle of this month, aiming to complete the joint venture's formation process by year's end. This will involve the setting of the company's name, corporate identity, strategic direction, and human resources.
In this partnership, LG Uplus will leverage its nationwide infrastructure construction and operation capabilities, which are complemented by Kakao Mobility's know-how in operating its leading Mobility as a Service (MaaS) platform.
The joint venture aims to spur the expansion of South Korea's EV charging infrastructure, thereby assisting the government in achieving its carbon neutrality goal by 2050.
The partners have underlined their commitment to providing EV drivers with an unprecedented experience, emphasizing convenient and immediate charging and introducing new value-adds in safety and personalization.