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Zaptec: acquires its exclusive distributor in Switzerland

  • Sector: Infrastructure
  • Date: June 25, 2021

  • Company: Zaptec is world-leading on smart charging systems for electric cars in housing co-operatives, businesses and at home.

Zaptec has acquired NovaVolt, its exclusive distributor of Zaptec charging systems in Switzerland. NovaVolt has seven employees and offices in Zurich. Zaptec will thus be represented and have direct access to five markets and the strong electric car growth in these markets, says Anders Thingbø CEO of Zaptec.

The acquisition is financed with NOK 29.5 million in cash, as well as 700,000 shares in Zaptec. The agreement also consists of a so-called “earn-out”, which depends on the company’s future development, which gives a purchase price of NOK 98.6 million based on the current share price of NOK 41.58. The current owners of NovaVolt will be shareholders in Zaptec, where they will not be able to sell their shares for a period of three years.

NovaVolt’s customer lists include large insurance companies, banks and pension funds, real estate agents, energy companies, car dealers and housing co-operatives. The company expects a turnover of NOK 80 million in 2021. We are pleased to include the strong team in NovaVolt as part of Zaptec. This gives us the opportunity to build on common knowledge and experience to maintain the position of being the best charging company in Europe, Thingbø concludes.