CTEK Acquires Chargestorm AB to Enter EV Charging Market

CTEK, announced the acquisition of Chargestorm AB, a Swedish developer of products and systems for the charging of electric vehicles.

This decision comes at time when vehicle manufacturers are preparing to spend a record amount on research and development within e-mobility. Consumer demand for more ecologically sound vehicles is on the increase and the cost of buying and maintaining electric vehicles is decreasing. As a global leader in battery management solutions, entry into the electrical vehicle sector will enable CTEK to build further upon its solid base and become a major force in this dynamic, growing market.

Jon Lind, Chief Executive at CTEK said “The acquisition of the electrical vehicle charging business from Chargestorm AB will further expand our business and help us enter a new market that is rapidly growing.”

Lind continued ”Our new colleagues from Chargestorm will bring additional expertise to our business, enabling us to develop the most advanced electrical vehicle charging solutions. We want to build upon what they have achieved already within the energy and facilities markets here in Scandinavia. We have proven capability and strong relationships with vehicle manufacturers that enables us to drive the development, manufacture and distribution of products and systems for electric vehicles on a global scale.”

Tomas Wolf, Chairman at Chargestorm said “You could say that with Scandinavia being one of the largest market for electric vehicles in the world, it is only right that two Scandinavian companies are joining together to enable global reach of electrical vehicle products. The combination of Chargestorm’s cutting edge technology and CTEK’s globally renowned expertise in battery charging means we have increased our resources to continue to push the boundaries of research and development to bring to the market new, exciting and innovative products.”

 

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