EV Charging M&A: EasyLease Acquires Tesla Integrator Fully Charged

EasyLease, a motorcycle rental company, has acquired 60% of Fully Charged UAE, a Tesla partner and integrator focused on electric vehicle (EV) charging technology. Financial terms of the deal were not disclosed.

EasyLease, a subsidiary of International Holding Company, positions itself as a mobility solutions provider. EasyLease is based in Dubai, UAE (United Arab Emirates). We've reached out to the company for more details about the business -- such as employee headcount figures.

Fully Charged UAE, founded in 2020, is a certified charger installer that supports such EV car manufacturers as Tesla, Audi, Porsche, Nissan, Renault and Chevrolet. The company has installed more than 5,000 charging devices and serves more than 45 corporate clients -- including such organizations as DAMAC, Dubai Holding, Bvgari Resort Dubai, Emirates, and Arabia Taxi.

The acquisition will "enable EasyLease to benefit from Fully Charged’s tech stack to accelerate expansion plans into the GCC and the Middle East," the buyer said.

In a prepared statement about the deal, EasyLease CEO Ahmad Al Sadah said: “With the acquisition of Fully Charged LLC, EasyLease is not just investing in technology; we are strategically positioning ourselves at the forefront of the sustainable mobility transformation. This move is a testament to our vision for a greener future and our commitment to driving the shift towards more eco-friendly transportation solutions, making a positive impact on the industry and the planet, supporting our expansion in the GCC and Middle East as well as pioneer our efforts to elevate research and developments capacities."

EV Charging Market: Growth Forecast, Challenges, Acquisitions and Layoffs

The M&A deal surfaces at a key time in the EV charging market. Although the overall industry is growing, it's also consolidating amid fierce competition and growing standardization around Tesla's charging technologies. Among the recent developments to note:

• December 2023: Charge Enterprises may be up for sale amid debt challenges at the  EV (electric vehicle) charging infrastructure company.
• November 2023: ChargePoint changed CEOs, and CFO Rex Jackson departed the company amid a major quarterly revenue shortfall at the electric vehicle (EV) charging network business.
• November 2023: Tritium DCFC will experience layoffs and an Australia factory closure. The goal: Achieve a path to profitability in 2024.
• May 2023: Siemens acquired the EV division of Mumbai-based Mass-Tech Controls Private for roughly €4.3 million ($4.65 million), the companies said. The acquired business tucked into Siemens' eMobility Business Unit within the Smart Infrastructure Business.

Still, the EV charging market remains in growth mode. Indeed, the overall EV charging market is expected to reach about $123.04 billion by 2032, up from $35.47 billion in 2023, according to Custom Market Insights. That's a compound annual growth rate (CAGR) of about 27%, the report said.