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