M&A: Siemens Acquires Electric Vehicle (EV) Charging Station Technology

Siemens plans to acquire the EV (electric vehicle) division of Mumbai-based Mass-Tech Controls Private for roughly €4.3 million ($4.65 million), the companies said. The acquired business will tuck into Siemens' eMobility Business Unit within the Smart Infrastructure Business. Headcount figures associated with the purchase were not disclosed.

This is M&A deal number 56 that we have covered so far in 2023. See all of the sustainable technology buyers, sellers & investors listed here.

The deal will strengthen Siemens’ ability to "address fast-growing demand for electric vehicle charging infrastructure in India, expand local market presence, and enable creation of export hub," the buyer said.

In a prepared statement about the deal, Markus Mildner, CEO of eMobility at Siemens Smart Infrastructure, said: “The fast-evolving e-mobility infrastructure market in India is important for Siemens due to its high growth potential. The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions. With this acquisition, we now have a strong platform to address our customers’ needs with locally designed and produced products.

Added Subhash Patil, chairman and managing director, Mass-Tech Controls Private Limited: “We are extremely delighted with the acquisition of our business by Siemens, one of the most well-recognized and respected organizations globally. Electric vehicle solutions from Mass-Tech Controls will perfectly complement and strengthen Siemens’ own existing portfolio of electric vehicle charging infrastructure solutions, helping provide higher value to customers.”

Siemens: IoT for Sustainable Buildings

Siemens is pursuing multiple sustainable technology business opportunities worldwide. For instance, Siemens Smart Infrastructure in March 2023 launched Connect Box, an “IoT solution designed to manage small to medium-sized buildings," the company said at the time.