KD Group acquires EV Solutions, securing its future

EV Solutions, the Slovenian-based EV charging stations maker that its Swiss owner wanted to wind down, will stay in business under a new owner, Slovenian financial company KD Group.

Landis+Gyr announced it had entered into a share purchase agreement with KD Group for the sale of its EV Solutions business, formerly Etrel. It did not disclose the value of the deal, CE Report quotes The Slovenia Times.

The Swiss company said the agreement "provides a sustainable path forward" for the EV Solutions business, "securing a preferred resolution for employees, customers, and partners".

Landis+Gyr acquired 75% of Etrel in 2021 and the remaining stake in April 2024, but announced a month ago it was withdrawing from EV charging infrastructure. It went on to file for liquidation of that part of the group.

EV Solutions employs 180 people and controls almost three-quarters of Slovenia's public electric vehicle charging market.

Landis+Gyr says it has been actively working to identify the best possible outcome for the EV Solutions business, the result of which is the agreement with KD Group.

Under the new owner, EV Solutions business "gains a stable foundation for continued development and innovation, building on 15 years of e-mobility expertise".

The release quotes Gregor Sluga, CEO of KD Group, as saying that the investment in EV Solutions "is an important opportunity to further support the development of Slovenia's entrepreneurial and innovation landscape, fostering local expertise and reinforcing the country's position as a hub for advanced technology in the global e-mobility market".

Etrel was started in 2016 by Miha Levstek and Borut Mehle, quickly becoming a leading global producer of EV charging infrastructure. Its sales rose 25-fold between 2016 and 2021.

But the company started sliding into the red in 2022 despite a strong growth in sales, posting a loss of almost €3 million between April 2022 and April 2023. The loss rose to €6 million the next year.