Collaboration Between Industry Leaders Enables
LG Hardware to be Powered by ChargePoint Software
ChargePoint (NYSE:CHPT), a leading provider of networked
charging solutions for electric vehicles (EVs), and global
innovator LG Electronics (LG) have formed a strategic
partnership to leverage their respective strengths for future
innovations in EV charging.
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LG and ChargePoint form strategic
partnership to enable LG EV charging hardware to be powered by
ChargePoint software (Photo: Business Wire)
The first output of this relationship will be commercial
charging solutions that encompass ChargePoint’s industry-leading
charger management software and LG’s advanced EV charging hardware,
with deliveries expected to begin later this summer.
Future areas of collaboration may include combining ChargePoint
EV charging solutions with LG energy storage systems, integration
of the LG ThinQ smart home platform with ChargePoint’s
award-winning Home Flex residential charger, and chargers that
leverage LG’s digital-out-of-home advertising platform, among other
areas under evaluation.
“LG shares ChargePoint’s commitment to enabling a world-class
charging experience for all EV drivers, regardless of make, model
or connector type,” said Rick Wilmer, CEO of ChargePoint. “Together
we will develop market-leading EV charging solutions and pursue
further opportunities to push the envelope thanks to our combined
engineering expertise.”
Suh Heung-kyu, Global Head of the Electric Vehicle Charging
business division of the LG Business Solutions Company, echoed
Wilmer’s enthusiasm. “There is incredible synergy between our two
companies, and we expect this partnership to help LG become a
global leader in the EV charging business,” he said. “This
agreement exemplifies how LG continues to pursue strategic
alliances to advance innovation and further strengthen our status
as a total EV charging solutions provider.”
LG’s AC and DC charging stations will be operated by ChargePoint
software to form the new offerings, and the companies have begun
exploring opportunities that would allow LG to bolster
ChargePoint’s expansive network of more than 306,000 charging
ports. In turn, ChargePoint, its customers and its drivers would
benefit from LG’s reliable, high-quality EV chargers in use cases
where ChargePoint does not currently offer an ideal hardware
solution.
The companies expect that solutions formed by this strategic
partnership will enable a competitive package for public sector
infrastructure projects, where determining criteria include
high-quality domestic production and elevated information security
levels. LG’s U.S.-made EV chargers are UL-certified for
charging stability and ENERGY STAR® certified for efficiency. These
chargers will be paired with ChargePoint’s cloud software, which
has been FedRAMP* authorized enabling bidding for U.S. federal
government projects.
Through its collaborations with ChargePoint, LG expects to
elevate its position in the EV charger market and reinforce its
reputation as a reliable, innovative EV charging solutions
provider. This underscores LG’s commitment to expanding its
presence in the global EV charging infrastructure market and builds
on the momentum created by its new factory for advanced EV charger
stations, which opened earlier this year in Fort Worth, Texas.
*FedRAMP: Federal Risk and Authorization Management Program
Forward-Looking Statement
This release includes forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995
relating to, among other things, the benefits ChargePoint expects
to derive from its strategic partnership agreement with LG
Electronics, including with respect to the timing or scope of
collaborations with respect to new products or potential product
integrations. Forward-looking statements include statements
regarding ChargePoint’s expectations, beliefs, intentions or
strategies regarding the future, and can be identified by
forward-looking words such as “anticipate,” “believe,” “could,”
“continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will”
and “would” or similar words. These forward-looking statements
involve risks, uncertainties, and assumptions, including risks and
uncertainties included in the “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections in ChargePoint’s Form 10-Q filed with the
Securities and Exchange Commission (“SEC”) on June 6, 2024, which
is available on ChargePoint’s website at investors.chargepoint.com
and on the SEC’s website at www.sec.gov. Forward-looking statements
are not guarantees of future performance and actual results could
differ materially from those expressed or implied by the statements
made herein. All forward-looking statements in this press release
are based on information available as of the date hereof and
ChargePoint assumes no obligation to revise or update any
forward-looking statements for any reason, except as required by
law.
About ChargePoint Holdings, Inc.
ChargePoint is creating a new fueling network to move people and
goods on electricity. Since 2007, ChargePoint has been committed to
making it easy for businesses and drivers to go electric with one
of the largest EV charging networks and a comprehensive portfolio
of charging solutions. The ChargePoint cloud subscription platform
and software-defined charging hardware are designed to include
options for every charging scenario from home and multifamily to
workplace, parking, hospitality, retail and transport fleets of all
types. Today, one ChargePoint account provides access to
hundreds-of-thousands of places to charge in North America and
Europe. For more information, visit the ChargePoint
pressroom, the ChargePoint Investor Relations site, or
contact the ChargePoint North American or European press offices or
Investor Relations.
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. Eleven-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 $60-billion-plus
global force in consumer electronics, home appliances, air
solutions and vehicle components. For more information, please
visit www.LGSolutions.com.
CHPT-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20240617978329/en/
LG Electronics USA
John I. Taylor +1 847 941 8181 john.taylor@lge.com
www.LGsolutions.com
ChargePoint
John Paolo Canton JP.Canton@chargepoint.com
media@chargepoint.com www.ChargePoint.com
ChargePoint (NYSE:CHPT)
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