Chargemaster acquires rival Charge Your Car network

Electric vehicle charging point supplier Chargemaster is to take a controlling stake in the Elektromotive and Charge Your Car (CYC) network.

It has been reported that Chargemaster has paid £500,00 for the 55% controlling stake held by Singapore-based Elektromotive Group, as well as acquiring the 43% stake held by chief executive Calvey Taylor Haw, who will remain in post.

Elektromotive and CYC will continue to operate from its existing premises in Brighton and both companies will continue to trade as separate entities. It is hoped Elektromotive will benefit from services and technical customer support provided by Chargemaster, in particular nationwide maintenance and customer service resources.

Taylor Haw said: “We have known the Chargemaster team for many years and are delighted with this agreement. Both companies were early to the EV charging point market, so have considerable experience and we have ambitious plans for the future. With new investment, the growth and long term stability of Elektromotive and Charge Your Car is assured, and I am very excited about the new opportunities this deal will bring.”

The deal sees a consolidation of the UK EV charging sector. David Martell, chief executive of Chargemaster, said: “The market for charging points and associated services will inevitably go through a phase of consolidation as it evolves.”

Chargemaster’s POLAR network has 4,000 EV points. Now its members have access to 2,000 points on the CYC public network, of which 300 are rapid charging stations.