- Chargemaster reaches agreement to acquire Elektromotive
- Increased investment will allow Elektromotive to grow its offering
- Companies will continue to trade as separate entities
The UK’s premier electric vehicle charging point supplier, Chargemaster Plc, intends to take a controlling stake in Elektromotive Ltd, having signed share purchase agreements today. The agreements will see Chargemaster invest additional resources into Elektromotive and its subsidiary, Charge Your Car, allowing both brands to broaden their scope and offering.
The deal, which is expected to be completed in a number of weeks following the approval of Elektromotive Group’s shareholders, will see Chargemaster acquire shares currently held by Elektromotive Group Ltd (the Singapore based parent company) and Calvey Taylor Haw.Under the terms of the agreements, Elektromotive and Charge Your Car will continue to operate from its existing premises in Brighton, with Calvey Taylor Haw continuing his role as Chief Executive Officer. Both companies will continue to trade as separate entities, but will benefit from enhanced services and technical customer support offered by Chargemaster in particular from nationwide maintenance and customer service resource.
Calvey Taylor Haw, Chief Executive 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 EV charging point market, so have considerable experience and we have ambitious plans for the future. With new investment, the growth and long term stability of Elektromotive and Charge Your Car is assured, and I am very excited about the new opportunities this deal will bring.”
David Martell, Chief Executive of Chargemaster, commented: “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.”