Alfen, headquartered in the Netherlands, has agreed to acquire Elkamo, a developer and manufacturer of electricity distribution systems based in Finland. The acquisition is an important step in the international growth ambitions of Alfen and offers a platform for cross-selling electric vehicle charging equipment and energy storage systems.
Courtesy of Alfen
Alfen intends to use Elkamo as a platform to grow its EV charging and energy storage businesses in the Nordics. With the world’s highest share of EVs and ample opportunities for energy storage, the Nordics are an attractive growth market.
The transaction includes the legal entities Oy Elkamo Ab and its subsidiary Elsteel Oy (together referred to as “Elkamo”). Elkamo was founded in 1981 and is active in smart grid solutions.
“This acquisition is an important step in the further internationalization of our business," said Marco Roeleveld, CEO of Alfen. "Elkamo is a strong company with a long history in the smart grid business, which is growing rapidly driven by large grid reinforcement programs. In addition, we see great potential to benefit from Elkamo’s local presence and strong client relationships to roll out Alfen’s EV charging equipment and battery energy storage solutions throughout the Nordics. We welcome the employees of Elkamo to our group and expect to grow our joint businesses further to play our role in the energy transition.”
Seppo Tupeli, managing director at Elkamo, added, “We are thrilled to join forces with Alfen, a leading player in the energy transition. The Nordics are the world’s third largest market in terms of electric vehicles and offer vast potential for battery energy storage. Becoming part of Alfen allows us to offer a full range of solutions related to the energy transition in our markets. We very much look forward to jointly growing our businesses.”
Elkamo will be rebranded ‘Alfen Elkamo’ and the existing management of Elkamo will remain in place. Financial details of the transaction have not been disclosed.