Shell acquires charging solutions provider The New Motion
In a press release by Royal Dutch Shell on the one hand and NewMotion on the other hand, the announcement was made that oil and gas giant Shell has signed an agreement to buy NewMotion, one of Europe’s largest electric vehicle charging providers. A remarkable step in the shift towards new energy.
“Today’s announcement is an early step towards ensuring customers can access a range of refuelling choices over the coming decades, as new technologies evolve to co-exist with traditional transport fuels,” Shell’s Vice President for New Fuels, Matthew Tipper, said. “This move provides customers the flexibility to charge their electric vehicles at home, work and on the go. When you add this customer offer to our current roll out of fast charging points on Shell forecourts, we believe we are developing the full raft of charge solutions required to support the future of EVs.”
NewMotion, active since 2009, is an industry pioneer and operates more than 30,000 private electric charge points for homes and businesses in the Netherlands, Germany, France and the UK. It also operates a network of more than 50,000 public charge points across 25 European countries, with more than 100,000 registered charge cards. Until today, the company was not profitable, with 2016 resulting in a 4 million euro loss over a turnover of 13 million euros, due to the important investments NewMotion made in expanding its network.
Shell emphasizes that under the terms of the deal, NewMotion will continue business as usual as a wholly owned subsidiary of Shell. Both companies will work together intensely to maximise the synergies and opportunities on offer. Sytse Zuidema, CEO of The New Motion said “being extermely happy to be able to work with an invester that fully supports the company’s mission and will allow NewMotion to continue its expansion in Europe, on the very moment that the transition to electric driving is in full swing.”
Too small to stay alone
The New Motion had Autobinck, and French engineering firm Egis as shareholders. Autobinck, active in the mobility market for more than a century and present in 8 European countries, offering leasing solutions and selling cars and parts, said through spokesman Paul Zekhuis, CEO, that the takeover by Shell is a logical and inevitable step. “Everybody aknowledges the unstoppable growth of electrical mobility, which makes it a game for big OEM’s, utilities and oil companies that have the scale and financial strength to expand internationally. The existing shareholders simply did not have the same means for a large scale expansion.”.
None of the concerned parties wished to disclose the amount involved in the acquisition of The New Motion by Shell.