Fortum is selling its 30% ownership in Recharge AS (Recharge), a public charging point operator (CPO) for electric vehicles, to Infracapital, the infrastructure equity investment arm of M&G Plc. Upon completion, Infracapital will own 100% of Recharge, which is the largest charging network in the Nordic region with more than 4,600 connectors at 830 locations.
The transaction price is approximately EUR 80 million.
Recharge is one of the first startups in Fortum’s Valkea Growth Club’s portfolio. Valkea supports startups and growth companies that offer digitally enabled solutions in the energy, resource-efficiency, and sustainability sectors.
In May 2020 Infracapital acquired the majority share of Recharge and Fortum and Infracapital started cooperation through a joint venture to accelerate growth of the public charging network.
“Recharge is a fine example of Fortum’s long-term and successful innovation activities. Through the collaboration with Infracapital, we have succeeded in strengthening Recharge’s position in the Nordics. The divestment of Recharge enables new growth investments in areas that align with our strategy,” says Ilkka Lassila Valkea’s Chief Operating Officer.
“Decarbonisation of the transport sector will play a vital role in achieving net zero and we see further growth in the company which will create value for our investors,” says Christophe Bordes, Managing Director at Infracapital.