Fortum sells majority stake of Recharge to Infracapital
The energy supplier Fortum has signed an agreement to sell a majority stake of its public charging station operator Fortum Recharge to Infracapital. The transaction is expected to be completed in the second quarter of 2020.
In the future, Fortum’s share in Recharge will stand at 37 per cent. While the selling price has not been announced, Fortum suggests that the value of the company should amount to approximately 140 million euros. According to Fortum, Recharge is the largest charging station operator in Scandinavia – with almost 1,300 of its own public charging stations as well as the operating licence for a further 1,400 charging stations in Norway, Finland and Sweden.
The timing of the partial sale naturally attracts attention. For charging infrastructure operators, the effects of the current pandemic crisis are serious. The number of charging processes has decreased rapidly. Officially, Fortum stated that the motivation for the sale was that the partnership will create a joint ownership structure and accelerate Recharge’s growth plans. Meanwhile, Fortum will retain its Charge&Drive and Plugsurfing mobility services, and the company also intends to continue to offer its own Software as a Service (SaaS) activities.
Fortum’s Senior Vice President Arun Aggarwal speaks of a “great opportunity to partner up with Infracapital, which allows us to grow Recharge substantially”. The partnership is a success story for Fortum, “as it proves the value of the market-leading Nordic charging services we have built over recent years”.
Infracapital is an investment company that specialises in investing in companies in the infrastructure sector. The company is committed to supporting Europe’s transition to a low-carbon economy and at the same time is committed to creating sustainable growth for its investors, the company says. Infracapital is in turn part of the British investment company M&G.
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