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M&A: Wattif Acquires EV Charging Network, CharePoint Partner Laddel

March 19, 2024 by Joe Panettieri

Wattif, backed by sustainability investor Marguerite, has acquired Laddel, a ChargePoint operator in Kristiansand, Norway. Financial terms of the deal were not disclosed.

This is M&A deal number 139 that Sustainable Tech Partner has covered so far in 2024. See all M&A deals involving sustainability, climate tech and green IT services listed here.

EV Charging Network M&A: About the Buyer, Seller and Sustainability Investor

Robert Svendsen, CEO, Wattif

Wattif, founded in 2020, is based in Bergen, Norway. Marguerite in January 2023 announced plans to invest up to €50 million (US$54.3 million) in Wattif. Armed with that funding, Wattif is striving to become one of Europe’s leading destination EV charger providers by 2030. As of December 1, 2023, Wattif operated approximately 26,000 charging points across its six countries, the company said.

Laddel, founded in 2021, is based in Kristiansand, Norway. The company, which originated as a university project, specializes in fleet management technology that allows employers to reimburse employees who charge company cars at home.

In a prepared statement about the acquisition, Wattif EV CEO Robert Svendsen said: "From day one, our goal has been to become one of Europe’s leading providers of destination charging. We are already the leading charging operator within housing cooperatives in Europe with Charge365, and we want to expand within the fleet segment with Laddel. It is expected that both segments will become huge over the next ten years. We look forward to welcoming Laddel’s ambitious and talented team to our organization and working together to continue driving the industry into the future."

Laddel-CEO-Marius Jensen
Marius Jensen, CEO, Laddel

Added  Laddel CEO Marius Jensen: "For Laddel, this is the continuation of an exciting journey. With the support from Wattif, we get better execution power to deliver on the increasing demand we are experiencing for our solutions."

EV Charging Infrastructure: Market Growth, Challenges

The M&A surfaces amid a time of growth, consolidation and intense competition across the worldwide EV charger infrastructure market.

Among the market forecasts to note:

  • Technavio forecast: The overall EV charging infrastructure market is expected to generate a 30.75% compound annual growth rate (CAGR) from 2023 to 2028, according to a Technavio forecast.
  • Custom Market Insights forecast: 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.

Still, some EV charging network buildouts have faced reliability and competitive challenges. Amid that backdrop, numerous EV car companies are embracing Tesla's North America Charging Standard (NACS) while also building EV charging alliances without Telsa.

Amid that backdrop, multiple EV charging companies have been navigating some layoffs while others have been pursuing acquisitions. Example moves include:

Wattif Group: Multiple EV Charging System Acquisitions, More Coming?

Meanwhile, Wattif has M&A experience. Previous deals include:

  • January 2024: Buying Charge365 from Zaptec ASA. Charge365 seeks to offer EV charging systems to housing cooperatives, businesses, private users, and publicly accessible charging stations in Europe.
  • March 2023: Acquired BilLader, which operates 2,000 EV charge points across 61 sites.

Wattif is seeking to acquire additional companies, Svendsen said: "We are not done. The way forward is to roll out as many Wattif chargers as possible, as well as acquiring the right companies. We want to create the best charging experience for as many people as possible, and we will not be satisfied until we have reached this goal."

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