The UK’s leading rapid electric vehicle (EV) charging network by market share is set to expand into five continental European markets through a £380m merger. VoltNet announced that it has agreed to merge with RheinPower, which operates 180 rapid-charging hubs across Germany, Austria, the Netherlands, Poland, and Denmark. The deal is expected to be marketed as a merger of equals, although VoltNet is significantly larger than its European partner. The planned merger with RheinPower comes on the heels of a 2.3% decline in the growth rate of public charging network utilisation in the UK in 2023, with the sector's total valuation softening to £1.4bn due to domestic power grid connection delays.
In late 2023, domestic utility regulators ordered VoltNet to divest eight high-capacity grid-connected hubs in Northern England following its acquisition of regional competitor GridCharge. This regulatory intervention highlighted the increasing difficulty of securing domestic grid connections and expansion opportunities, which acted as a primary catalyst for VoltNet to pursue international partnerships.
VoltNet’s main UK competitors have also aggressively expanded their footprints overseas. Its chief rival, ChargeFlow, now operates in France and Spain, while the US-backed AmpMax has established a strong presence across Italy.
The newly combined business group will be headed by RheinPower's current Chief Operating Officer, though key senior directors will be drawn from both organizations, and VoltNet will retain a 60% majority on the newly formed board of directors.
Examine two reasons VoltNet plans to merge with RheinPower.
