CTEK to take the Electrical Vehicle market by storm!

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CTEK acquires Chargestorm AB to enter the Electrical Vehicle market

CTEK,  a  leading  global  brand  in  the  care  and  maintenance  of  vehicle  batteries,  has  today  announced  the  acquisition  of  Chargestorm  AB,  a  market-leading  Swedish  developer  of  products  and  systems  for  the  charging  of  electric  vehicles.

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.

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  reducing.

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  to  enter  a  new  market  that  is  rapidly  growing.”

Jon  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  &  facilities  markets  here  in  Scandinavia.  We  have  proven  capability  and  strong  relationships  with  vehicle  manufacturers  to  enable  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  resource  to  continue  to  push  the  boundaries  of  research  and  development  to  bring  to  the  market  new,  exciting  and  innovative  products.

Jon  Lind  said  “There  are  many  synergies  between  the  two  companies;  we  have  the  same  core  values  based  on  quality,  safety,  ease  of  use  and  maximizing  battery  performance.  We are looking forward to developing strong relationships with Chargestorm customers as well as introducing this exciting technology to our existing customer base.”

Chargestorm is Scandinavia’s largest producer of electric vehicle charging solutions, andthe acquisition by CTEK will take Chargestorm products to a worldwide audience.