PGNiG Group invests in electric vehicle charger manufacturer

Enelion provides a range of solutions including smart electric vehicle chargers, a system for managing charger networks, tariff plans and payments, and a mobile app enabling EV drivers to remotely control charges, energy consumption, and charging costs.

'Like gas mobility, the electromobility market has strong prospects for further growth. Demand for CNG and LNG vehicles and gas refuelling infrastructure in transport is growing, as is the number of electric vehicles, which drives the rollout of charging points. Enelion offers best-in-class proven solutions, including software that is compatible with third-party chargers. We look at this investment as a source of business profits, but at the same time, as the PGNiG Group, we support projects contributing to a low-carbon future. Therefore, I am delighted PGNiG Ventures has included Enelion in its portfolio,' said Arkadiusz Sekściński, Vice President of the PGNiG Management Board, Development.

As the first tranche of the investment, PGNiG Ventures is to acquire around PLN 2.5m worth of shares in Enelion. In subsequent steps, PGNiG Ventures may invest PLN 6m in the company. The maximum investment time horizon is five years.

'As PGNiG Ventures, we support innovation-driven companies in need of capital to develop products and services that may find applications in the energy industry. Without a doubt, electromobility and the pursuit of a low-carbon future are one of the key directions for the energy sector.Conditions conducive to development of electromobility must be created, including through the rollout of necessary infrastructure, charging stations in particular. Enelion is a Polish company offering exposure to a strong growth market and operating on a scalable business model based on market-proven chargers and a charging point management system implemented in December 2020 that can be offered to operators without limitations, so I am confident we have made the right decision to invest in the company,' said Małgorzata Piasecka, PGNiG Ventures CEO.

Enelion targets business customers, including energy companies, local governments, building managers and car dealers, as well as retail customers. The company recorded an over four-fold increase in sales over the last two years. It is consolidating its position in Poland and Europe, with as much as 70% of AC chargers manufactured by Enelion sold to customers abroad. The company aims to increase production from the current 400 to more than 5,000 AC units per month in 2025 and grow exports to the US, Canada, Eastern Europe, South America, the Middle East, and Africa. The company also plans to launch DC fast chargers.

The investment in Enelion is PGNiG Ventures' second transaction this year. In March, the fund acquired shares in ICsec, a Polish-based manufacturer of cyber security systems for industry, for PLN 4m.

About PGNiG Ventures

PGNiG Ventures is a corporate venture capital fund owned by Polskie Górnictwo Naftowe i Gazownictwo. Its investment focus is on companies offering unique products or services, knowledge, business model and strong management teams, striving to become leaders of their respective markets. PGNiG's fund is interested in companies offering unique products and services that can be applied in the energy and upstream sectors. Within several years, PGNiG Ventures' capital is to reach PLN 100m. The fund will acquire minority interests in companies, allowing their existing owners to decide on key development directions. The maximum investment in a single entity through two funding rounds is PLN 15m, with the expected investment horizon of three to seven years.

About Enelion

Enelion Sp. z o.o. of Gdańsk has designed, developed and manufactured electric vehicle charging terminals since 2015. The equipment and the Company's proprietary charger and payment management software form a coherent ecosystem for electromobility. The company has supplied several thousand devices to over 20 countries, mainly in the European Union. Starting from 2022, it intends to build a dealer network offering its electromobility ecosystem in the Americas, the Middle East, and Africa.

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