- SUSI Partners (“SUSI”), through its flagship SUSI Energy Transition Fund (“SETF” or “the Fund”), has acquired a controlling interest in European operator of electric vehicle (“EV”) charging infrastructure Elaway AS (“Elaway”)
- Elaway provides one-stop charging solutions to housing communities in Norway, Sweden, and Germany and is ambitiously expanding its reach
- Elaway becomes SETF’s ninth portfolio company and, with EV charging infrastructure, adds another important sector to an already well-diversified energy transition portfolio
Zug/Zurich, 19 July 2023 – SUSI Partners, through its flagship evergreen equity fund SETF, has acquired a majority stake in Norwegian-based EV charge point operator Elaway by way of a capital injection to support the company’s ambitious expansion plans. The transaction sees SETF adding its ninth portfolio company and marks the Fund’s third acquisition within two months in a very dynamic energy transition space.
Elaway provides housing communities in apartment buildings or multi-family houses with a one-stop, as-a-service charging solution covering procurement, installation, financing, and operation of the charging infrastructure. Based on its success in the Norwegian market, Elaway has recently expanded its offering to Germany and Sweden and will look to establish its business in further European markets in the medium term. The company was co-founded by Norwegian utilities Hafslund AS and Eviny AS, which retain minority stakes and look to continue supporting Elaway’s growth in partnership with SUSI Partners.
The residential customer segment holds immense potential for EV adoption, but the complexity of procuring, installing, and operating the necessary charging infrastructure often presents a substantial challenge for the relevant stakeholders. Elaway’s one-stop solution focusing on housing communities removes these barriers to implementation and thereby enables an accelerated switch to electrified transport for thousands of households, while offering the benefits of captive demand that is critical to underpinning the capital investment.
With the addition of a European EV charging infrastructure operator, SUSI continues its efforts to build a sector-spanning energy transition portfolio for SETF, which benefits from strong diversification across technologies and stable jurisdictions. The acquisition of Elaway follows recent investments in U.S solar PV and battery storage developer Encore Renewable Energy and French wind and solar PV developer APAL MW, marking the third transaction on behalf of SETF in less than two months, and the Fund’s ninth transaction overall. Given the accelerated deployment pace in a thriving energy transition infrastructure space, SUSI is looking to further expand SETF’s capital base in 2023 and beyond.