Volkswagen AG's renewable energy and charging company Elli Group GmbH will acquire a minority stake in e-mobility company has.to.be gmbh as part of a new deal to collaborate on the expansion of Europe's charging network, according to a July 31 announcement.
Financial terms of the minority stake acquisition, including the size of the stake, were not disclosed.
Elli was formed in January to help Volkswagen install 36,000 charging points across Europe by 2025. Volkswagen has allocated about €250 million for its charging infrastructure.
The deal is an expansion of the German car group and has·to·be's existing partnership with Volkswagen already using the Austrian company's software for some of its charging stations.
Has·to·be's product offerings include solutions for e-charging stations, customer portals for e-mobility providers, a mobile app for charging customers, and technology and accessories for charging stations, among others.
The startup manages more than 16,000 charging points in and out of Europe and employs over 70 people across 10 countries. The company, which was founded in 2013, had Volkswagen-owned Audi AG as its first client, according to the release.
Has·to·be also counts Volkswagen rivals Daimler AG and Bayerische Motoren Werke AG among its clients, according to the startup's website.