LG Innotek Acquires Key EV Charging Patents, Accelerates Global Market Strategy

LG Innotek Co. Ltd. has recently acquired three patents deemed critical for expanding its electric vehicle (EV) charging technologies, marking a significant step in its global market strategy.

LG Innotek's new patents will help the company in its push to accelerate its bid for the global EV market. Moreover, the company expects the patents to drive it forward until it fulfills its parent company, LG Group's vision for its EV business unit.

LG Innotek's Patented Technology

On Sunday, Oct. 15, the company revealed that Via LA, an American licensing company, granted its licensor status. The approved patents are for three of its EV charging innovations. Since the products were already patented under its name, LG Innotek can collect royalties from other companies to use its licensed technology.

As per Korea Joongang Daily, Via LA granted licenses to less than ten companies worldwide, mostly related to EV charging. The firms include Germany's Siemens and Bosch and America's GE.

Two of LG Innotek's patented applications are related to controlling charging based on the battery status. The third one has something to do with reserving charging time.

"Obtaining original technology is more important than anything else in becoming an industry's No. 1," LG Innotek's intellectual property business head, Kim Ji Hyun, said in a statement. "Acquiring and managing patents and intellectual property is important in that sense. LG Innotek will continue to generate value through research and development utilizing such intellectual property."

The Company's Next Growth Engine

The Korea Times reported that LG Innotek considers its businesses related to EVs as its next major growth engine. The South Korean electronic parts manufacturing firm is expanding its base to secure more important tech patents in the autonomous driving sector.

Finally, besides the wired EV charging trade, LG Innotek established itself in various business lines, such as power conversion for EVs, wireless charging, and external chargers.

Photo by: LG Innotek Newsroom