Elektromotive and CYC network acquired in £500,000 deal

Former Sussex Innovation members Elektromotive and Charge Your Car (CYC) network are to be acquired by electric vehicle charging point supplier Chargemaster, in a deal which sees a consolidation of the UK EV charging sector.

It has been reported that Chargemaster has paid £500,000 for the 55% controlling stake held by Singapore-based Elektromotive Group, as well as acquiring the 43% stake held by chief executive Calvey Taylor Haw, who will remain in post.

Elektromotive and CYC will continue to operate from its existing premises in Brighton, and both companies will continue to trade as separate entities. It is hoped that Elektromotive will benefit from services and technical support provided by Chargemaster, in particular nationwide and customer service resources.

"We have known the Chargemaster team for many years, and are delighted with this agreement," said Taylor Haw. "Both companies were early to the EV charging point market, so have considerable experience and we have ambitious plans for the future. With new investment, the growth and long term stability of Elektromotive and Charge Your Car is assured, and I am very excited about the new opportunities this deal will bring."

Chargemaster's POLAR network has 4,000 EV points, and its members will now have access to an additional 2,000 points on the CYC public network, of which 300 are rapid charging stations. "The market for charging points and associated services will inevitably go through a phase of consolidation as it evolves," said David Martell, chief executive of Chargemaster, of the deal. "Chargemaster is delighted to have been given the opportunity to acquire Elektromotive. This deal will help it reach its long term goals and enhance its offering to all customers."

Click here for the in-depth Member Story of Elektromotive's rise from idea to established business.