French EV charger group to go public in US
French charger maker EVbox is to go public in the US early next year in a $1.5bn deal to provide funds for international expansion
The deal sees EVBox, a subsidiary of energy company ENGIE being bought by TPG Pace Beneficial Finance, a specialty acquisition company (SPAC) that is already listed.
The deal will raise $425m for expansion in Europe and North America, and to broaden its technology portfolio to position the company as a driver in the growing adoption of vehicles. ENGIE will retain a significant minority stake in the company and will remain a key strategic partner.
EVBox, founded in 2010, has a portfolio of enterprise hardware and software solutions and has the largest installed base of EV charging solutions in the industry with more than 190,000 charging points ranging from 3 to 350 kW in 70 countries. EVBox is also a founding partner of the Open Charge Alliance and its offer complies with all open charge point protocols (OCPP) and recently partnered with PSA for a rollout in France.
It has an open architecture ‘software as a service’ SaaS platform called Everon that provides a cloud-based load management platform that can work with EVBox and third-party hardware. Everon software allows terminal owners to make money from the service with dynamic load management as well as integration with other software via APIs. EVBox ‘s offering also includes a complete suite of award-winning smart charging stations available in direct or alternating current and allowing fast or ultra fast charging ranging from all served by mobility services offered by partners around the world.
“We have been following this sector closely for several years and have found that charging solutions in Europe are several years ahead of those in the United States and that they are set to experience phenomenal growth thanks to green initiatives by governments, large companies, large car manufacturers and also consumers,” said Michael MacDougall President of TPG Pace.
“EVBox occupies an enviable position as a clear leader in Europe with the best range of charging stations and a software solution in the cloud, which will become an even more important factor in the next phase in the evolution of this market,” he said.
The deal gives EVBox an equity value of approximately $ 1.394bn, or an enterprise value of $ 969m after the funding.
“For more than ten years, EVBox has been a pioneer in the electric vehicle charging industry, developing and launching innovative software solutions alongside its award-winning charging stations,” said Kristof Vereenooghe, Chairman and CEO of EVBox Group.
“We are now in a position to continue our global expansion and play a leading role in accelerating EV adoption. We are working to deliver a future where everyday transportation is electric, emissions-free and supported by clean charging infrastructure. With our new TPG partners, the continued strategic support of ENGIE and a group of prestigious new investors, we will be able to achieve these objectives by accelerating product development and by providing end-to-end solutions to our growing customer base, particularly in North America. “
“We believe EVBox fits perfectly with our investment principles and that we can help accelerate the growth of this industry-leading company by providing it with the capital and capacity to accomplish its mission,” said Karl Peterson of the TPG Pace Group. “We look forward to working with Kristof and the very talented team at ‘EVBox on the next phase of their growth and use our network to help them grow on both sides of the Atlantic. “
“As part of the refocusing of its activities on renewable energies and clean technologies, ENGIE acquired EVBox in 2017. Since then, the company has been at the forefront in providing charging solutions for electric vehicles in Europe. We have been impressed with the pace of technological development of EVBox and are confident that it will thrive as an independent listed company. The acquisition of EVBox has enabled ENGIE to enter the market quickly charging and taking strong positions across Europe ENGIE is moving to a general business model in the electric mobility sector, with design, operation and maintenance as the main factors of differentiation. Electric mobility will remain at the heart of our strategy and we hope that EVBox will continue to be a solid partner for ENGIE. “
- FRAGMENTED ELECTRIC VEHICLE CHARGING NETWORKS HIT USERS
- ABB BUILDS GLOBAL E-MOBILITY R&D CENTRE AT TU DELFT
- ABB POWERS UK’S FIRST DEDICATED ELECTRIC FORECOURT
Other articles on eeNews Power