CTEK to Enter EV Charging Market with Acquisition

CTEK has purchased Chargestorm AB, a leading Swedish developer of products and systems for the charging of electric vehicles.

CTEK saw the acquisition as a chance to invest in a growing market, as vehicle manufacturers continue to develop e-mobility technology.

“The acquisition of the electrical vehicle charging business from Chargestorm AB will further expand our business and help us enter a new market that is rapidly growing,” said Jon Lind, chief executive at CTEK. “Our new colleagues from Chargestorm will bring additional expertise to our business, enabling us to develop the most advanced electrical vehicle charging solutions. We want to build upon what they have achieved already within the energy and facilities markets here in Scandinavia.

“We have proven capability and strong relationships with vehicle manufacturers that enables us to drive the development, manufacture and distribution of products and systems for electric vehicles on a global scale.”

Chargestorm is Scandinavia’s largest producer of electric vehicle charging solutions, according to the company. CTEK hopes to take Chargestorm products to a worldwide audience.

“There are many synergies between the two companies,” Lind said. “We have the same core values based on quality, safety, ease of use and maximizing battery performance. We are looking forward to developing strong relationships with Chargestorm customers as well as introducing this exciting technology to our existing customer base.”