Fortum to sell its e-mobility business Plugsurfing to Fleetcor Technologies

Source: press release, 1 September 2022

photo: Fortum
photo: Fortum

Fortum has divested its e-mobility business Plugsurfing to Fleetcor Technologies, Inc., a global business payments company. The new owner will enable Plugsurfing to speed up the scaling of its business. The transaction price is approximately EUR 75 million on a cash and debt free basis and Fortum expects to record a tax-exempt capital gain of approximately EUR 50 million in the Other segment’s third-quarter 2022 results.

The change of Plugsurfing’s ownership has no impact on their existing partnerships or customers.

Plugsurfing is a Pan-European platform, fostering sustainable mobility and a seamless driver experience through aligning the entire car charging ecosystem − drivers, charging point operators, and carmakers. Their service connects over one million registered electric vehicle (EV) drivers to a network of 300,000 charging points, enabling over 800,000 charging sessions each month.

The Berlin-based start-up was acquired by Fortum in 2018 and subsequently merged with part of the Charge and Drive business developed by Fortum. Plugsurfing has been grown as one of the portfolio companies in Fortum’s Valkea Growth Club. Valkea supports start-ups that offer digitally enabled solutions in the energy, resource-efficiency, and sustainability sectors.

“Fortum has been a good owner for Plugsurfing and we are thankful for the support we have received thus far. With Fleetcor Technologies, an exciting future is ahead of us. We will expand into new customer segments, like fleets, and grow our business to meet the multifaceted demands of the future EV ecosystem,” says Tatu Kulla, the CEO of Plugsurfing.