CTEK announces the acquisition of Chargestorm AB, enters the electrical vehicle market.

Sweden M&A 27 April 2018
Share on FacebookShare on Twitter

CTEK, a Vikmanshyttan, Sweden-based provider of care and maintenance of vehicle batteries, has announced the acquisition of Chargestorm AB, a market-leading Swedish developer of products and systems for the charging of electric vehicles.

The financial details of the transaction remain undisclosed. The deal will permit CTEK's entry into the electrical vehicle sector in order to build further upon its solid base and become a major competitor in the market.

Chargestorm, founded in 2009 and led by Tomas Wolf, is a Swedish developer and manufacturer of products and systems for the charging of electric vehicles (EV). The company has customers come from different industries and sectors, including local government organisations, energy companies, tenant-owner housing associations, private individuals and property owners. To date, Chargestorm has already produced 22,000 domestic and commercial charging stations and it recorded about SEK 35M ($4M) in sales for the year 2017.

CTEK, founded in 1997 and led by CEO Jon Lind, is a world leading authority on battery technology, battery chargers and battery care and has built a reputation for being first to market with new products. The company sells over a million chargers every year in over 70 countries.

CTEK is owned by Swedish private equity firm Altor Funds, which purchased it in 2011.