Consett's Mer set for growth as owners explore plans…

Consett's Mer set for growth as owners explore plans to add more shareholders

A North East company working in electric vehicle charging could grow after its owners announced plans to bring more shareholders on board to help the group grow.

Consett-based Elmtronics – winner of the high growth and ambition award at the Durham, Sunderland and South Tyneside Business Awards in 2020 – rebranded to Mer after being acquired by the Norwegian EV charging operator at the start of last year. The firm, which counts councils, NHS trusts and private companies such as Costain, the Metrocentre and Keltruck as clients, became part of a growing group looking to accelerate the EV transition in the UK.

Now Mer’s owners, Europe’s largest renewable energy producer Statkraft, based in Norway, has announced it has started to explore the opportunity to invite new shareholders into the ownership structure of Mer, to support the company’s ambitious growth strategy.

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Statkraft, which will remain an active and committed majority shareholder in Mer, said it has engaged Carnegie and Skandinaviska Enskilda Banken as financial advisors for the process. Founded in 2009, the company started in Norway but through a series of targeted acquisitions and rapid roll-out of chargers, Mer has significantly increased its market presence across Northern Europe and now also has operations in Sweden, Germany, UK, and Austria.

Jürgen Tzschoppe, executive vice president for new energy solutions in Statkraft, said: “Inviting more shareholders into Mer alongside Statkraft will enable the company to accelerate the expansion of its EV charging network across Northern Europe to take an even bigger role in the global shift to carbon-free transport. We will take the necessary time to consider the best possible ownership structure for Mer going forward. Taking a leading role in EV charging is a good example of how Statkraft implements its strategy to develop and scale new green energy technologies, by partnering with others.”

Kristoffer Thoner, CEO of Mer, said: “Powerful megatrends are driving EV adoption across the globe and by 2030, almost half of all new passenger cars are expected to be electric. This will quickly go towards 100% thereafter. Our mission is to make the shift to sustainable electric mobility easy and accessible for everyone by offering innovative solutions that will delight our customers with seamless EV charging experiences.

“With over 35,000 charging points Mer has a strong foothold in the most attractive EV markets in Europe, and in 2021 we provided over 316m electric driven kilometers. Combined with our early mover experience, unique sustainability commitment and rapidly expanding EV charging network – Mer is positioned to play a leading role in the transportation revolution in Europe.”