M&A: Private Equity Acquires Electric Vehicle (EV) Charging Company EVSE
December 19, 2023 by Joe Panettieri
Consolidation continues in the growing -- but changing -- electric vehicle (EV) charging market. The latest deal involves private equity firm Pacific Equity Partners (PEP) acquiring EVSE -- an Australian battery charging technology company, for $250 million.
PEP already owns 50% of smart metering and energy technology provider Intellihub, which has more than 2 million meters under management. Looking ahead, EVSE and Intellihub will now "work closely"with each other to grow and "better manage EV charging as a behind-the-meter consumer energy device," PEP said.
EVSE, founded in 2015, is based in Rydalmere, New South Wales, Australia. The company has 36 employees listed on LinkedIn as of December 2023. EVSE's solution -- known as Exploren -- bundles EV charging hardware, software and installation services. The company serves Australia's residential, fleet and EV manufacturers segments. Key wins include an agreement to provide an EV charging solution for ride sharing partners across Australia, EVSE said.
Electric Vehicle (EV) Charging Company Acquired: Executive Perspectives
In a prepared statement about the acquisition, Pacific Equity Partners Managing Director Cameron Blanks said: “PEP’s strategic investment will enable EVSE to grow at scale as it continues to lead the way in the rapid electrification of Australia’s transport sector over the coming decade."
Added Intellihub CEO Wes Ballantine: “We’re now installing more than 40,000 smart meters across Australia and New Zealand each month. And more and more we’re going beyond the meter, to support the better management of consumer energy devices like electric hot water, pools, solar and batteries – and EV charging. Our technology and people power will be a great asset for EVSE.”
Concluded EVSE co-founder Sam Korkees: “Our hardware and software solutions are at the forefront of the EV charging market. This strategic partnership with PEP, backed by the expertise of Intellihub, is a game changer for EV charging services in Australia and New Zealand. We’re ready now and moving quickly to support the rapid uptake of EVs across the region.”
Electric Vehicle (EV) Charging Market: Growing and Consolidating
Although the EV charging market is growing worldwide, it's also consolidating through heavy mergers and acquisitions. Key M&A developments and business shakeups to note include:
The global smart EV charger market is expected to reach $123.04 billion by 2032, up from $35.47 billion in 2023, according to Custom Market Insights. That's a 27% compound annual growth rate (CAGR), the market research firm said.