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Factbox-Big investors spur consolidation, growth in EV charging sector

Published 12/13/2023, 01:13 AM
Updated 12/13/2023, 01:15 AM
© Reuters. FILE PHOTO: An electric vehicle charging station is seen at the Volkswagen display during the media day at the Canadian International AutoShow in Toronto, Ontario, Canada, February 14, 2019. REUTERS/Chris Helgren/File Photo

(Reuters) - Big companies in Europe, North America and Asia are investing in the fast-moving global EV charging industry, according to a Reuters analysis.

That sector is undergoing rapid consolidation, with at least 85 companies being acquired since 2017.

Many charging companies are being gobbled up by big energy companies such as Shell (LON:SHEL), Statkraft, EDF (EPA:EDF), BP (NYSE:BP), Total and Engie; hardware companies such as ABB (ST:ABB) and Schneider Electric (EPA:SCHN), and other charging companies, including Blink, ChargePoint (NYSE:CHPT) and Charge Enterprises.

A number of large-cap corporations, notably BP, Shell, ABB, Siemens and SK, also have invested heavily in EV charging startups, as have automakers Volkswagen (ETR:VOWG_p), BMW (ETR:BMWG), Mercedes-Benz (OTC:MBGAF), Hyundai (OTC:HYMTF) and Geely's Volvo (OTC:VLVLY) Cars.

© Reuters. FILE PHOTO: An electric vehicle charging station is seen at the Volkswagen display during the media day at the Canadian International AutoShow in Toronto, Ontario, Canada, February 14, 2019. REUTERS/Chris Helgren/File Photo

The VW Group’s investment portfolio in the sector includes Electrify America, Ionity, Hubject, has.to.be, Go To-U, ChargeSmith, EcoG and PowerShare.

Large asset managers BlackRock (NYSE:BLK), Fidelity and Wellington Management also have stakes in several charging companies. BlackRock is backing  EVgo, Ionity, Jolt Charge, Freewire and Volta Charging.

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