FACTBOX-Big investors spur consolidation, growth in EV charging sector

Reuters2023-12-13

Dec 13 (Reuters) - Big companies in Europe, North America and Asia are investing in the fast-moving global EV charging industry, according to a Reuters analysis.

That sector is undergoing rapid consolidation, with at least 85 companies being acquired since 2017.

Many charging companies are being gobbled up by big energy companies such as Shell , Statkraft , EDF, BP

, Total and Engie ; hardware companies such as ABB and Schneider Electric , and other charging companies, including Blink , ChargePoint

and Charge Enterprises .

A number of large-cap corporations, notably BP, Shell, ABB, Siemens and SK , also have invested heavily in EV charging startups, as have automakers Volkswagen

, BMW , Mercedes-Benz , Hyundai

and Geely's Volvo Cars.

The VW Group’s investment portfolio in the sector includes Electrify America, Ionity, Hubject, has.to.be, Go To-U, ChargeSmith, EcoG and PowerShare.

Large asset managers BlackRock, Fidelity and Wellington Management also have stakes in several charging companies. BlackRock is backing EVgo, Ionity, Jolt Charge, Freewire and Volta Charging.

(Reporting by Paul Lienert in Detroit; Editing by David Gregorio)

((Paul.Lienert@thomsonreuters.com; mobile +1 313-670-2452;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment