Chargemaster to acquire Elektromotive for £8.5m
The acquisition will form one of Europe’s largest joint charging networks, with Elektromotive’s strong sales bases in Belgium and Ireland complementing Chargemaster’s coverage in France, the Netherlands, Germany, Austria and Switzerland.
Elektromotive has 15 global distribution partners, including a presence in Asia, while Chargemaster has supplier contracts with Nissan, Renault in the UK and France, Vauxhall and Toyota as well as British Gas and Scottish and Southern Energy (SSE).
In the UK, both companies already have established public charging networks in operation. Chargemaster is the driving force behind the POLAR network, while Elektromotive is working on a nationwide pay-as-you-go open access network with North East Plugged-in Places scheme Charge Your Car.
The Enlarged Group formed by the two companies is aimed at competing with large rivals such as Schneider in France and Siemens and RWE in Germany. Globally, the charging point market is expected to grow exponentially as new models are introduced, expanding 20 fold over the next eight years to be worth £1.2bn.