TotalEnergies and BayWa put German charging businesses up for sale

In early 2023, TotalEnergies divested its German and Dutch filling station networks to Canada’s Couche-Tard, which operates under the Circle K brand. At the time, the French energy group stated that in markets where it was not the leading player, it would concentrate on hydrogen and charging infrastructure. According to a recent media report, the positioning in Germany may now be under review.

As reported by The Pioneer, TotalEnergies is seeking potential buyers for its German charging business. The portfolio is said to comprise around 190 charging parks, of which only roughly one-third are currently operational. The offer reportedly also includes state subsidies amounting to several hundred million euros for sites that have yet to be built, based on sales documents cited in the report. Management consultancy Roland Berger has been mandated to approach potential investors. The business is said to have generated losses to date, with a positive EBITDA targeted for 2027, in line with the sector’s investment-heavy growth phase.

The company has not officially commented on the reported sales documents. However, The Pioneer, citing corporate sources, states that market soundings are underway, although no final decision has been taken. A potential adjustment in strategy had already been indicated. In September 2025, CEO Patrick Pouyanné said that further expansion and spending in charging would be aligned with the pace of e-mobility uptake. Earlier, in February 2025, he also publicly questioned additional investments in battery cell production. TotalEnergies is a shareholder in ACC alongside Stellantis and Mercedes-Benz.

Buyer would take over sites and associated obligations

The report does not disclose a targeted sale price or name prospective buyers. However, the circle of eligible investors may be limited. As part of its earlier strategic shift towards electric mobility, TotalEnergies participated in the Deutschlandnetz tender and secured contracts for around 1,100 of the 9,000 planned fast-charging points. In 2023, the company won three regional lots comprising 134 sites, in addition to motorway concessions.

The Deutschlandnetz scheme is designed to prevent local market concentration, which could restrict participation by existing operators. A substantial share of the associated subsidies and planned or partially completed sites is likely linked to these contracts. Any acquirer would be expected to assume the full set of obligations, including rollout deadlines and minimum operating periods for the charging parks.

According to the report, Couche-Tard, which acquired TotalEnergies’ German filling station network under the Circle K brand, is unlikely to emerge as a buyer. After paying more than three billion euros for the petrol station portfolio and investing heavily in the expansion of its convenience retail business, the company is reportedly not planning additional large-scale investments at present. “You think twice about building charging stations now,” a manager was quoted as saying by The Pioneer.

The search for an investor could be further complicated by the fact that other charging assets are also available on the market. At least one additional Deutschlandnetz operator is reportedly considering a divestment. German agricultural group BayWa has built up an electric mobility unit under BayWa Mobility Solutions and also secured contracts under the Deutschlandnetz tender. However, the group has encountered financial difficulties and is currently undergoing a comprehensive restructuring process.

This restructuring is expected to include the charging subsidiary. In response to an enquiry from The Pioneer, BayWa confirmed: “Yes, as part of the multi-year restructuring, BayWa is selling stakes and subsidiaries, including its electric charging station business.” Although BayWa’s role in the Deutschlandnetz – with one lot covering 20 sites – is considerably smaller than that of TotalEnergies, the company also operates a number of charging locations outside the federal scheme. Some of these are situated at BayWa’s own filling stations, primarily in rural regions of Germany.

thepioneer.de (in German)