Elexon, a company specializing in charging logistics for fleets, is now under the ownership of Swiss energy group Varo Energy, following a complete acquisition. While the financial details of the transaction remain undisclosed, the agreement is currently pending approval from the German Federal Cartel Office, with the expected closure in mid to late January. Despite becoming a part of Varo Energy, Elexon will maintain its independent brand identity.
Elexon primarily focuses on building charging points for company fleets, particularly in the logistics sector. As a system integrator and industry innovator, the company provides services in consulting, installation, prototyping, charging and load management, CPO (Charge Point Operator) services, backend solutions, service and maintenance, and greenhouse gas (GHG) quota handling. Established in 2019 as a joint venture between SMA Solar Technology AG, AixControl GmbH, and aixACCT charging solutions GmbH, Elexon has experienced robust growth, with sales reaching the double-digit million range in 2022 and its workforce expanding from 20 to over 70 employees.
Varo Energy’s acquisition of Elexon is seen as an opportunity for the latter to accelerate its growth across Europe and implement projects more efficiently. Elexon’s Managing Director, Marcus Scholz, reassures customers that the transition in ownership will not impact them significantly, except for an enhanced financial backing.
Varo Energy, having outlined its sustainability strategy in July 2022, plans to invest $3.5 billion in biogas, biofuel, hydrogen, nature-based carbon removal, and electromobility. By integrating Elexon with its existing eMobility business, Varo aims to provide comprehensive solutions ranging from installing charging infrastructure to payment and fleet management.
Scholz emphasizes that Varo was chosen as the acquiring entity due to its distinct sustainability strategy, aligning closely with Elexon’s core values. Despite Varo’s origins in the oil sector, its resilient and comprehensible sustainability agenda made it an ideal partner for Elexon.
With the financial backing of Varo Energy, Elexon looks toward the future, with plans to expand into PV energy management in addition to its existing charging infrastructure focus. Elexon is also gearing up for advancements in the charging market, particularly with its own MCS prototypes aimed at facilitating the fast charging of electric trucks at depots.
