Frankfurt: ChargePoint, one of the world’s largest electric vehicle charging networks, on Tuesday said it has agreed to acquire operating software firm has.to.be for 250 million euros ($295 million) to expand its foothold in the European market.
Founded in 2013, has.to.be, in which Volkswagen is a minority shareholder, employs 125 people in Austria and Germany. Its software manages more than 40,000 charging points on the continent, with access to 250,000 via roaming agreements.
“As an established leader in North America, our continued investment in Europe is critical to our stated growth strategy,” ChargePoint CEO Pasquale Romano said.
“Our combined assets should position us to accelerate our leadership as electrification continues to take hold across continents.”
Has.to.be’s more than 1,000 customers include BP, Volkswagen units Audi and Porsche as well as charging joint venture Ionity, whose shareholders include Daimler, BMW, Ford and Hyundai.
ChargePoint’s acquisition comes a week after the European Union unveiled a policy package to combat climate change and bring down emissions, with spending on charging infrastructure expected to be 80-120 billion euros by 2040.
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The company said it expects to have over 1,800 fast charging stations and 10,000 individual chargers installed by the end of 2025.
Presenting its strategy until 2030, Europe’s largest carmaker also said it expected half of its global vehicle sales to be battery-powered by that date – joining rivals in setting ambitious goals to move on from the era of combustion engines.