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.