Varo Energy takes over German charging specialist Elexon

The company Elexon, which specializes in charging logistics fleets, has a new owner. The Swiss energy group Varo Energy has acquired 100 per cent of the company. Elexon intends to continue its growth course under the new owner.

Image: Elexon

The amount paid by the Europe-wide energy group for the Aachen-based charging specialist is not disclosed in the press release. The agreement is currently subject to merger control by the German Federal Cartel Office, so there could still be conditions. However, Varo Energy and Elexon do not expect this to happen – the deal is expected to be closed in mid to late January. Although Elexon will become part of Varo Energy, it will continue to operate as its own brand.

Elexon is not a household name in the private customer segment, as the company builds charging points for company fleets, primarily in the logistics sector. Elexon sees itself as a system integrator and industry innovator in the areas of consulting, installation, prototyping, charging and load management, CPO services, backend solutions, service & maintenance and handling of GHG quotas. The company’s own charging points are manufactured by partners, while Elexon develops the hardware and software itself.

The company in its current form was founded in 2019 as a joint venture between SMA Solar Technology AG, AixControl GmbH and aixACCT charging solutions GmbH, which were also the three shareholders until the takeover that has now been announced. Despite the coronavirus pandemic, Elexon has grown strongly, with sales in the double-digit million range in 2022 and the headcount rising from an initial 20 to over 70 employees – in Aachen and remotely throughout Germany. Growth is also set to continue here in 2024, as Elexon Managing Director Marcus Scholz explains in an interview.

But it is precisely this growth that first needs to be financed. “The current shareholders were faced with the challenge of whether the growth that Elexon is currently experiencing organically could be scaled up more quickly,” says Scholz. “This is easier to demonstrate with a financially strong investor. That’s why the shareholders decided to look for another partner. In the end, it was Varo Energy that took over 100% of the shares from the existing shareholders.” Scholz sees the new owner as an opportunity to better position Elexon throughout Europe – and to implement projects more quickly. According to Scholz, nothing will change for customers – “except that we will have a better financial presentation than in the past”.

Varo itself had already presented its sustainability strategy in July 2022 and announced at the time that it would invest 3.5 billion US dollars in the five strategic growth pillars of biogas, biofuel, hydrogen, nature-based carbon removal and electromobility. By combining its existing eMobility business with Elexon, Varo aims to offer its customers end-to-end solutions ranging from the installation of charging infrastructure to payment and fleet management.

“Varo was chosen because – unlike its competitors – it pursues a very clear sustainability strategy,” explains Scholz. “In terms of company philosophy, we are very closely linked at the core. Even though Varo comes from the oil sector, they have built up a sustainability agenda that is not only comprehensible but also resilient.”

With financial security in the background, Elexon can now look to the future – in addition to the charging infrastructure, PV energy management will become the second mainstay. There is also a lot of movement in the charging market: With its own MCS prototypes, Elexon is also preparing for the fast charging of electric trucks at the depot.

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