ChargePoint Holdings, Inc. ( CHPT ) shares are trading lower on Tuesday.

The company inked a pact with LG Electronics to build a strategic partnership for future innovations in EV charging.

The initial result of this partnership will be commercial charging solutions integrating ChargePoint’s top-tier charger management software with LG’s advanced EV charging hardware, which is set to commence deliveries later this summer.

Potential future collaborations may involve integrating ChargePoint’s EV charging solutions with LG energy storage systems.

“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 ( CHPT ). 

Additionally, exploring the incorporation of LG’s ThinQ smart home platform with ChargePoint’s Home Flex residential charger and utilizing LG’s digital-out-of-home advertising platform are among other areas currently under review.

“Together we will develop market-leading EV charging solutions and pursue further opportunities to push the envelope thanks to our combined engineering expertise,” Wilmer added.

LG’s AC and DC charging stations will integrate ChargePoint ( CHPT ) software to create new offerings. The companies are also exploring ways for LG to enhance ChargePoint’s network of over 306,000 charging ports.

This collaboration aims to provide ChargePoint ( CHPT ), its customers, and drivers with reliable, high-quality EV chargers in scenarios where ChargePoint’s existing hardware solutions may not be optimal, the company said in a press release.

Price Action: CHPT shares are trading lower by 2.42% to $1.61 at last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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