9.9.2016Chargemaster agrees to buy Elektromotive
Two of the UK's largest EV charging networks will be joining forces after Chargemaster has agreed a deal to acquire Elektromotive. This will see Elektromotive's Charge Your Car (CYC) network come under the same umbrella as Chargemaster's Polar set-up.
The deal will see Chargemaster invest resources into Elektromotive and Charge Your Car following today's share purchase agreement, expanding the companies' network coverage and product offerings. Expected to be completed in the next few weeks, the agreement will see both companies operate as separate titles, though sharing certain resources.
Both companies have extensive and established networks and will share aspects like technical customer support and maintenance resources. However, the agreement will see each brand retain its name and points, with no plans to bring all charging points under one name.
Calvey Taylor Haw, chief executive officer of Elektromotive Ltd, said: "We have known the Chargemaster team for many years and are delighted with this agreement. Both companies were early to the electric vehicle charging point market, so have considerable experience, as well as ambitious plans for the future.
"With new investment, the growth and long term stability of Elektromotive and Charge Your Car is assured, and I'm very excited about the new opportunities this deal will bring."
David Martell, Chargemaster CEO, said: "The market for charging points and associated services will inevitably go through a phase of consolidation as it evolves. Chargemaster is delighted to have been given the opportunity to acquire Elektromotive Ltd. This deal will help it reach its long term goals and enhance its offering to all customers."