TPG Pace Beneficial Finance will acquire Engie’s EVBox subsidiary, a leading global provider of smart charging solutions for electric vehicles with Europe’s largest installed base of charging solutions and the most advanced cloud-based software offering.
The transaction is expected to provide EVBox with significant growth capital to expand its reach globally, with focus on Europe and North America, and broaden its technology portfolio, positioning the company to drive and benefit from the growing wave of EV adoption.
Following the transaction, EVBox expects to have more than $425 million of cash on its balance sheet, including a portion of the proceeds of TPG Pace’s fully committed Private Investment in Public Equity of $225 million, $100 million from TPG Pace’s Forward Purchase Agreements and $350 million of cash held in TPG Pace’s trust account. EVBox also expects to benefit from the partnership with TPG, which has a proven track record of assisting high-growth technology companies successfully transition to the public equity markets. ENGIE will retain a more than 40% ownership stake in the Company and expects to continue as a key partner of the Company following the transaction.
“For over a decade, EVBox has been a pioneer in the electric vehicle charging industry, developing and launching innovative software propositions along with award-winning charging stations. We are now scaled for further global expansion and to take a leading role in the anticipated acceleration of EV adoption as we work towards a future where everyday transportation is electric, emission-free and sustained by a clean charging infrastructure,” said Kristof Vereenooghe, President and CEO of EVBox Group.
“The global support for this future is ever more evident as world leaders convene in two days for the Climate Ambition Summit to set even more aggressive national goals. With our new partners at TPG, support from ENGIE and a prestigious group of new investors, we anticipate being well positioned to help meet these goals by accelerating product development and providing end-to-end solutions to our expanding customer base, particularly in North America.”
EVBox is focused on solving the unique demands of customers, businesses and drivers in the dynamic EV industry, and driving innovations that anticipate future market needs. EVBox offers a portfolio of both hardware and enterprise software solutions and has built the industry’s largest installed base of EV charging solutions, with more than 190,000 charge ports across 70 countries.
EVBox’s open architecture SaaS platform, Everon, serves as the backbone of the offering, with a cloud-native, charging management solution that can support both EVBox and third-party hardware. The Everon software enables new monetization opportunities for charging station owners, supports dynamic load management and enables integration with other software via APIs. EVBox’s offering also includes a complete suite of award-winning AC level 2 and DC fast and ultra-fast, smart charging stations, ranging from 3 to 350 kW, all served by mobility services offered through partners worldwide. EVBox is also a founding member of the Open Charge Alliance and its offerings comply with all Open Charge Point Protocols.
The business combination values EVBox at an implied $969 million enterprise value.