The acquisition is expected to strengthen ChargePoint’s presence in Germany, Austria and Switzerland
US-based electric vehicle (EV) charging network operator ChargePoint has signed an agreement to acquire e-mobility provider has·to·be for approximately €250m.
Founded in 2013, has·to·be currently employs 125 people at its offices in Vienna, Austria and Munich, Germany. The company is headquartered in the federal province of Salzburg, Austria.
Has·to·be has 40,000 networked ports and over 250,000 networked ports through open roaming agreements.
ChargePoint will pay the purchase price for the acquisition in cash and stock.
ChargePoint president and CEO Pasquale Romano said: “As an established leader in North America, our continued investment in Europe is critical to our stated growth strategy.
“We’re excited to announce our agreement to acquire has·to·be, a leader in its own right with a talented team, an impressive base of customers committed to e-mobility and robust technology.
“Our combined assets should position us to accelerate our leadership as electrification continues to take hold across continents.”
With the addition of has·to·be’s market share in Europe, ChargePoint is expected to strengthen its presence in Germany, Austria and Switzerland.
Has·to·be claims to have more than 1,000 customers in various sectors that include automotive, fleet, oil & gas and energy.
The charging software platform provided by has·to·be is claimed to be compatible with widely deployed European charging stations and e-mobility services.
The platform is said to address the complexity and fragmentation of the current European charging landscape.
Upon completion of the transaction, the has·to·be team, customers and technology will become part of ChargePoint’s operations.
The transaction is expected to be closed in 2021, upon receiving regulatory approvals and meeting other customary closing conditions.
Has·to·be co-founder and CEO Martin Klässner said: “Over the past eight years, our talented team has helped lead e-mobility in Europe and attracted a large base of leading brands as customers who rely on our charging software platform every day to meet their technical requirements.
“Together with the resources of ChargePoint, we will continue in this spirit and achieve even greater scale as the market continues to expand.”
In September last year, ChargePoint announced a business combination with Switchback, a special purpose acquisition company, to go public.