Cham, Switzerland. - April 30, 2021 - Landis+Gyr (LAND.SW), a leading provider of integrated energy management solutions, today announced the Company has entered into a binding agreement to acquire 75% of the share capital of Etrel d.o.o., a provider of interactive charging hardware and software solutions for electric vehicles, with headquarters in Grosuplje, Slovenia, for a mid-range double digit million Euro purchase price. The current management will continue to hold 25% in Etrel. The transaction is expected to close in June 2021 with closing being subject to receiving the required customary governmental approvals and other customary closing conditions. Pursuant to the respective agreement, Landis+Gyr has the option to acquire the remaining 25% of the shares in Etrel in May 2024.
"After the recent announcement of the acquisition of True Energy, the addition of Etrel further strengthens Landis+Gyr's position in the EV market as the rise of EVs and other smart appliances offer opportunities for demand response and flexibility management to save cost for customers and reach ambitious CO2 targets. Etrel is a recognized player in the EV infrastructure market with expected profitable, double-digit million sales in fiscal year 2021, offering a complete range of smart charging stations for home and public. In addition, Etrel's portfolio includes a comprehensive suite of software for charger management and smart charging. Operating and managing charging stations opens new possibilities for services to monetize EV charging infrastructure and connected applications", said Werner Lieberherr, Chief Executive Officer of Landis+Gyr.
"Etrel's charging stations cater to any home or business, providing intelligent user interaction, advanced power management and flexibility, while offering users a seamless transition between charging locations with a single app, keeping track of all deployed charging equipment. Therefore, Etrel's vision is perfectly aligned with our values to drive Customer Intimacy and Sustainable Impact and will enable us to further expand our EV infrastructure business. We look forward to welcoming the Etrel team as part of Landis+Gyr upon closing of the transaction", added Werner Lieberherr.
"With Etrel's charging technology, we want to create a world where all personal transport is running on sustainable, fossil-free electricity. Our mission is to build the best products for charging of electric vehicles and deliver a perfect user experience in harmony with the power grid", stated Miha Levstek, Chief Executive Officer & Co-Owner of Etrel. "We are excited to join Landis+Gyr and look forward to enabling even more customers in their sustainability efforts through our charging solutions by facilitating a more extensive use of renewable energy for electric mobility and helping EV batteries become an essential part of smart grids."
After the closing, the current management team will continue to drive Etrel's technology and profitable growth as part of the Landis+Gyr group.