China's Trustar buys European EV charging specialist

The private equity firm committed capital from its fourth buyout fund, which closed on $2.8 billion in 2019. Trustar is a relatively frequent participant in deals involving US and European companies where there is an underexploited China angle. Previously, it raised separate funds devoted to this strategy.

Founded in 1994 and headquartered in the Netherlands, Intramco supplies EV charging cables, plugs, and charging station components, serving a range of original equipment manufacturer (OEM) and charging station customers. A China-based production and R&D facility – Consolida Shanghai Auto Technology – opened in Shanghai in 2009.

There have been various private equity investments along the EV value chain, targeting batteries, semiconductors, and other components. Battery makers Svolt Energy Technology and Contemporary Amperex Technology (CATL) have both received funding in the past 18 months, as has EV components supplier HiRain Technologies. Investors have also backed companies that provide charging infrastructure.

Trustar expects the global EV industry to enjoy significant tailwinds as policymakers push emissions reduction agendas and OEMs look to release more pure-electric models. A few months ago, General Motors said it was on course to invest $35 billion in EV and autonomous vehicle technology between 2020 and 2025. This includes expanding China capacity and rolling out its Ultium battery platform.

“OEM businesses are built on trust and quality assurance, and we are proud that our customized, high-quality products have won customers’ loyalty and trust throughout the years and enhanced our core competitiveness. We will continue to enrich our product line and improve our R&D capabilities, grow our sales force and expand customers in different regions,” said Wim Runhold, founder of Intramco.

Trustar noted in a statement that China has done much to promote the new energy vehicle (NEV) industry, with the country’s NEV production and sales ranking first globally for six consecutive years. NEV penetration reached 11.6% in the first nine months of 2021.

China’s Technology Roadmap for Energy-saving and New Energy Vehicle 2.0 set targets of reducing carbon emissions from the automotive industry by 20% from the peak level by 2035 and having NEVs account for half of all new vehicle sales.

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• Topics
• Greater China
• Europe
• Buyouts
• Industrials
• China
• Electric Vehicles
• Trustar Capital
• manufacturing