Compleo Charging Solutions, the insolvent German company that specialises in manufacturing charging infrastructure for electric vehicles, has found a new buyer. The Kostal Group, a family-owned electronic and mechatronic products manufacturer with operations in over 20 countries, has agreed to take over all stationary charging technology activities under the Compleo brand name.
However, the acquisition contract, which is still subject to reservations, requires the approval of Compleo’s administrator and the creditors’ committee before it can be finalised. In addition, the companies must wait for the court’s confirmation of an insolvency plan for Compleo and regulatory clearances. Nonetheless, both parties expect the requirements to be met and the acquisition to be finalised in June 2023.
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Although no information about the purchase price or special guarantees has been disclosed, the statement emphasises that the merger will bring significant benefits to Compleo, including access to development and production resources, and a presence in over 20 countries. Kostal, on the other hand, will expand its product portfolio and customer base for stationary charging technology. Additionally, Kostal’s bidirectional charging technology will complement Compleo’s offerings, enabling it to offer customised expertise and experienced support to its customers internationally.
Kostal’s focus on solar charging and bidirectional charging technology means there is little overlap between the companies, and Compleo employees are likely to join Kostal Group’s 19,000-strong workforce soon. The future of Compleo’s remaining employees and locations is uncertain.
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In conclusion, Compleo’s acquisition by the Kostal Group offers a promising future for the company and its products. The deal is expected to be finalised in June 2023, pending approval from Compleo’s administrator and the creditors’ committee.
