Fortum sells Plugsurfing to Fleetcor
Finnish energy group Fortum, which acquired Plugsurfing more than four years ago, has sold the Berlin-based business to Fleetcor Technologies, a US business payment service. According to Fortum, the purchase price is around €75 million.
Under Fleetcor, Plugsurfing intends to drive its growth, make further investments in its products and services, expand existing partnerships and customer relationships, and expand into new segments.
Tatu Kulla, CEO of Plugsurfing, said Fleetcor was “a perfect next step” and would bring more focus to the product roadmap and deliver “complementary capabilities”. Plugsurfing works like a roaming provider that enables easy billing at various charge points since its smart billing solution works across a range of payment systems. The company claims its service connects over one million registered EV drivers to over 300,000 charge points, enabling over 800,000 charging sessions each month.
Fleetcor expects the acquisition of Plugsurfing will expand its EV capabilities in Europe and enhance its product offering.
Tom Rowlands, global managing director of EV at Fleetcor, said Plugsurifing had “a compelling suite of products and services” that they were looking forward to growing.
Plugsurfing was founded in 2012 in Berlin. The company also has offices in Stockholm and Helsinki, employing around 90 people.
Fortum Charge & Drive acquired PlugSurfing in March 2018 and subsequently merged it with part of the Charge and Drive business developed by Fortum.
“Fortum has been a good owner for Plugsurfing, and we are thankful for the support we have received thus far,” said Tatu Kulla.
Fortum made no further comment.