[Pangyo Tech] LG Corp. invests 100 billion won in Kakao Mobility

– From an ESG management perspective, LG Corp seeks new business opportunities such as securing battery driving data for LG affiliates, exchanging batteries, and charging solutions for electric vehicles through cooperation with Kakao Mobility

LG Corp. announced on July 2 that it had decided to invest 100 billion won in Kakao Mobility.

Kakao Mobility is a mobility platform service company that provides various mobility services based on Kakao T. It is accelerating the introduction of eco-friendly electric vehicles and expanding the platform area to “movement of services and things” based on big data and analysis know-how.

From an ESG management perspective, LG Corp made the investment to seek new business opportunities such as securing battery driving data for LG affiliates, exchanging batteries, and charging solutions for electric vehicles through cooperation with Kakao Mobility, and gain potential synergy effect.

LG Energy Solution is strengthening its “BaaS (Battery as a Service)” business competency, a management and diagnosis service for each life cycle from manufacturing to utilization and reuse of EV batteries. It has introduced a pilot service for charging station integrated management solution with electric vehicle charging monitoring, remote control, and diagnosis.

LG and Kakao Mobility will regularly discuss ways to cooperate so that they can develop into a strategic partnership. In the future, the company plans to jointly develop new business opportunities by combining LG’s battery and electric field-related capabilities with Kakao Mobility’s platform capabilities.

An LG official said, “Through this investment, we will increase our understanding of customer contact in the mobility platform business, and create synergy with Kakao Mobility.”

A Kakao Mobility official said, “We will combine the capabilities of both companies to promote the growth of the domestic electric vehicle ecosystem, and to lead technological innovation in the future mobility field.”

Pangyo Technovalley is an innovation hub for global companies comparable to the Silicon Valley in the US, Zhongguancun in China, and STATION F in France. It is an Asia tech hub with 1,259 IT, BT, CT, and NT companies that possess innovative products and technologies. Located just south of the metropolitan area, it provides the best environment for Korean companies to do business with great transportation access and infrastructure.

Various high-tech companies are located in Pangyo Technovalley, and it is occupied by 64,000 full-time employees, many in their 20-30s. In terms of industry, the companies are engaged in information technology, contents technology, biotechnology, and nanotechnology.

With the support of innovative companies with global capabilities such as Kakao, Naver, AhnLab, Krafton, NCSoft, Nexon, and Hancom, companies in Pangyo Technovalley recorded 107 trillion won in sales last year. Investment and infrastructure growth in Pangyo is expected to continue, with the Metaverse hub entering Pangyo this year.

Source: Pangyo Techno Valley Official Newsroom 

→ Asia Innovation Hub Pangyo Techno Valley 2021 News