Open menu

British Rubber & Polyurethane Products Association

News

Chargemaster buys electric vehicle charging pioneer for £8.5m

Posted on 18 December 2012

In a sign of the coming expansion in electric and hybrid vehicles,
Chargemaster Plc, which installs charging points, is to take over the
first company to introduce public EV charging stations in the UK nearly
10 years ago.

Elektromotive Ltd, based in Brighton, will be snapped up for £8.5m,
subject to the approval of the shareholders of the Singapore-based
holding company of Elektromotive, Elektromotive Group Ltd.

It will make Chargemaster one of the largest players in the field in Europe.

Over the next eight years, most car manufacturers will bring out an
electric or plug in hybrid car. As a result, the European market for
charging equipment is growing rapidly.

EV charging point sales in Europe are expected to grow 20-fold over
the next eight years and to be worth some €1.2bn by 2020. The market is
currently increasing at an annual compound growth rate of 40%

Chargemaster already has a strong sales base in France, the
Netherlands, Germany, Austria and Switzerland which complements
Elektromotive's presence in the London Boroughs, the North East of
England and Scotland, as well as Ireland, Belgium, and Asia. It also has
over 15 re-seller distribution partners globally.

The two brands will continue to be marketed in parallel and the
economies of scale will enable the combined group to become increasingly
competitive in terms of pricing, in a marketplace where it is expected
that rapid growth will be driven by reducing consumer costs.

It will need to compete against divisions of major international
players entering this marketplace such as Schneider in France and
Siemens and RWE in Germany.

Chargemaster has secured key motor manufacturer partners such as
Nissan, Renault, Vauxhall and Toyota, as well as partnerships with
energy companies such as British Gas and SSE. Chargemaster owns and
operates the POLAR recharging network, which it launched in 2011 and
which subsequently has grown to become the UK’s largest national
recharging network.

All suppliers now offer 30-minute as well as overnight charging, and
some offer wireless charging. Chargemaster is rolling out Qualcomm
Halo's version of this technology.

In 2012 Elektromotive launched Charge Your Car, a joint venture to
create an advanced central charge point management system to be offered
to the market on a branded and a white label basis, designed to connect
existing regional recharging networks and charge point owners across the
UK, enabling them to access all EV drivers and collect revenues on a
pay-as-you-go basis.

David Martell, CEO of Chargemaster, said: “The enlarged group can now
focus on growing its market share across Europe by producing the most
technically advanced and value for money charging units on the market.”

 

Credit: link2portal