Factbox – Consolidation powers up in EV home charging sector
2022.07.20 10:07
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FILE PHOTO: An electric vehicle charger is seen in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly
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(Reuters) – Electric vehicle charging companies are undergoing a sweeping consolidation and revaluation, according to a Reuters analysis of data provided by investor website PitchBook.
More than 20 EV charging startups in Europe and North America have been acquired since 2017, a number of them by big European energy companies.
Paris-based Électricité de France (EDF (EPA:EDF)) has been one of the most active, buying Pod Point, Ubitricity, Pivot Power and PowerFlex since 2019, while launching joint ventures Gireve (with Renault (EPA:RENA)) and Dreev (with Nuvve).
Oslo-based Mer, a unit of state-owned Statkraft, has scooped up six startups since 2018, including Elmtronics, Bee Charging, Vattenfall, Gronn Kontakt, E-Wald and eeMobility.
BP (NYSE:BP) Plc, TotalEnergies SE, Shell (LON:RDSa) and Engie SA also have been active acquirers.
In the United States, publicly traded Blink Charging Co (NASDAQ:BLNK) has acquired four startups in the sector since 2020, including two this year: SemaConnect and Electric Blue.
At least five EV charging startups have gone public via SPAC-sponsored reverse mergers since 2020. Of those companies, market caps have fallen as much as 64% from their public offerings.
The most valuable of these newly public charging companies is California-based ChargePoint Holdings Inc, valued at $4.7 billion as of July 1, down 57% year over year.
