German energy company Innogy SE on July 2 announced the acquisition of electric vehicle charging technology-provider Broadband TelCom Power, Inc.
Based in California, Broadband TelCom Power manufactures power conversion and charging solutions including EV chargers for commercial environments.
The deal will give Innogy subsidiary innogy e-mobility US LLC access to a full DC product portfolio for the North American market and access to increased production capabilities. The transaction will also equip Broadband TelCom Power with innogy's financial support and global presence to face the competitiveness across all EV hardware markets, according to a news release.
Broadband TelCom Power will remain an independent company with its current management team and will continue to manufacture its products at its Santa Ana, Calif., headquarters and a newly expanded factory in Cebu, Philippines.
"The U.S. eMobility market is currently booming, and is one of the most attractive markets for eMobility worldwide," Innogy Chief Operating Officer Retail Martin Herrmann said in the news release. "Pioneering states like California and others are creating jobs and fostering investment by supporting strategic, long-term policies promoting emission-free vehicles."