Chargemaster Plc, the largest UK electric vehicle (EV) charging infrastructure provider has agreed to acquire Elektromotive, the UK number two in the market, for £8.5 million. The deal, which is subject to the approval of Elektromotive parent company, Singapore listed Elektromotive Group Ltd, will create a dominant player in the UK market and one of the largest in Europe. Chargemaster alone has just over half the market and Brighton-based Elektromotive was the first UK company to introduce public EV charging stations in the UK nearly ten years ago.
David Martell, founder of Chargemaster, speaking at an EV Investor Club event on 13 December, said there was significant potential for economies of scale as a result of the deal. Access to the Chargemaster technology will reduce production costs at Elektromotive and overheads for the enlarged group will fall. The companies have complimentary European operations, according to Martell, with Electromotive traditionally strong in Belgium, while Chargemaster has a strong position in the Netherlands.
According to Martell, Chargemaster will now have the scale to compete successfully against divisions of major international players entering this marketplace such as Schneider in France and Siemens and RWE in Germany, as the EV market grows.The EV charging market is experiencing annual compound growth rates of some 40%
Chargemaster has a portfolio of some 30 products, including inductive charging technology (through a partnership with Qualcomm Halo). It owns and operates the POLAR recharging network, the UK’s largest national recharging network. It is currently installing plug-in stations at Asda branches across the UK.
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