Eaton buys up charging specialist Green Motion
The Swiss charging infrastructure provider Green Motion is being bought by the Irish-American energy management company Eaton. The company’s management will remain in place. Green Motion has been developing hardware and software for charging electric vehicles since 2009.
Green Motion will become a wholly-owned subsidiary of Eaton as a result of the transaction. Details on the terms of the acquisition have not been made public. What is clear, however, is that the management, led by CEO and founder François Randin, will remain independent under the Eaton umbrella. No job cuts are planned – on the contrary, Green Motion will strengthen its headquarters in Lausanne and the branch office in Zurich and create new jobs.
Green Motion has already been broadly positioned in the eMobility sector for a number of years. The company is a hardware developer and has its own charging stations on the market under the label RangeXT. The company was also in charge of founding the Swiss charging network Evpass in mid-2016. In the meantime, the network’s shareholders have joined forces with the oil companies Tamoil, AVIA and Oel-Pool to build a network of ultra-fast charging stations in Switzerland under the name Evpass Express. Also noteworthy is that Green Motion launched a cooperation with the aircraft manufacturer Pipistrel to design the future charging of electric aircraft in 2020.
For its part, the Eaton Group maintains a headquarters in Morges, Switzerland, for its business in Europe, the Middle East and Africa. Eaton has already been working with Green Motion for two years. On this basis, the Irish-American group already offers intelligent charging and energy storage solutions for electric vehicles. Eaton established a separate eMobility business in 2018 and sees increased potential in this area.
The two companies have said that their shared vision and ambition led Eaton to acquire Green Motion. They say that this will complete the offering with a portfolio of leading products developed in Switzerland and accelerate their sale internationally.
According to Green Motion CEO François Randin, there is a strong complementarity between Eaton and Green Motion at the level of products, technologies and teams, as well as a shared vision and ambition for the energy transition. “This acquisition is a great opportunity to accelerate Green Motion’s success internationally by immediately making a global impact on decarbonization to improve the world of tomorrow.”
Uday Yadav, president and COO in Eaton’s electrical business, believes his company is well-positioned with an eye on the energy transition. “Electric vehicle charging infrastructure is among the areas where we expect to see significant growth over the next decade. Green Motion’s proven charger designs and its advanced power and billing management software are powerful additions to Eaton’s existing energy storage and power distribution offerings.”
Eaton said it had revenues of $17.9 billion in 2020 and sells products in more than 175 countries. The group employs around 92,000 people worldwide.
With reporting by Cora Werwitzke