ChargePanel AB (publ) (“ChargePanel” or the “Company”) has today signed an additional agreement with KG Knutsson AB, which includes a migration of 24,000 charging points from KG Knutsson’s recently acquired business, Eways (the ” Supplementary Agreement”). The Supplementary Agreement means that ChargePanel is expected to be able to generate additional revenue of approximately SEK 350,000 per month after full migration. The work is expected to be completed during the third quarter of 2025. The Supplementary Agreement strengthens ChargePanel’s market position and contributes to the Company taking a leading role among system suppliers for charging infrastructure in Sweden and the Nordic region. In light of the above, ChargePanel also provides its forecast regarding the number of charging points by the end of 2025. The Supplementary Agreement is also considered to have a major impact on the Company’s ability to achieve the goal of profitability on a monthly basis during 2025, which the Company previously communicated in the Q3 report.
Background
KG Knutsson AB, a customer and major owner of ChargePanel, acquired Eways earlier this week and has now decided to expand its collaboration with ChargePanel regarding Eways’ customer base of 24,000 charging points.
Through the collaboration in accordance with the Supplementary Agreement, the number of connected charging points in ChargePanel’s platform will increase significantly, which results in a further diversified customer base and strengthens the Company’s business model. The increased customer base reduces the business risk associated with dependence on individual customers and contributes to a more stable revenue structure.
Agreement details and migration plan
The Supplementary Agreement with KG Knutsson includes the migration of 24,000 charging points from Eways to ChargePanel’s platform. The migration process is planned to begin immediately and is expected to be fully completed during the third quarter of 2025. The gradual implementation means that approximately 1,000 charging points will be integrated into the Company’s platform each week.
When the new customer base is fully migrated, ChargePanel is expected to generate additional revenue of approximately SEK 350,000 per month. The first revenues from the expanded customer base are expected already in the first quarter of 2025, while the full effect of the increased revenues is expected in the third quarter of 2025, when the migration of all charging points is completed.
Market position and customer structure
After the migration of the 24,000 charging points, ChargePanel is expected to take a leading role among system providers for charging infrastructure in Sweden and the Nordic region.
With a further diversified customer base, ChargePanel sees significant potential for organic growth. The need for additional charging stations is also expected to increase among housing co-operatives as electric cars become increasingly common. Companies and public actors, such as municipalities and property owners, also have the potential to expand their charging infrastructures.
The expected organic growth in the residential charging, workplace charging and public charging station segments is expected to contribute to continued stable revenue development for ChargePanel.
Forecast for 2025
On December 6, 2024, ChargePanel announced through a press release that the Company had achieved its goal of a total of 15,000 connected charging points during 2024. In light of the Supplementary Agreement, ChargePanel now provides a prognosis for 2025 regarding the number of charging points and forecasts that the Company will have achieved a total of 45,000 connected charging points by the end of 2025. The Supplementary Agreement and the revenues it is expected to generate are also considered to have a major impact on ChargePanel’s goal of achieving profitability on a monthly basis in 2025.
“I am incredibly happy about this news. It is difficult to describe in words how big this is for ChargePanel. The fact that we now have the trust of KG Knutsson to manage an additional 24,000 charging points is a big step for us and shows the strength of our platform and our team. We look forward to continuing to deliver value to our customers and take a leading position in charging infrastructure in Sweden and the Nordics” – Peter Persson, CEO of ChargePanel AB (publ).
“We see this as a natural step to migrate these charging points into our existing environment. We will be able to offer all customers a mobile app that includes a number of features that are in demand in today’s market” – Jens Holmström, Category Manager KG Knutsson AB
For further information, please contact:
Peter Persson, CEO, ChargePanel AB (publ)
Email:
Phone: +46 (0)8 120 325 01
About ChargePanel AB (publ)
ChargePanel is a GreenTech company that offers innovative B2B solutions within e-Mobility.
ChargePanel offers a white-label SaaS-platform for the operation and management of electric vehicle charging networks. The platform enables electric vehicle driver access to a user-friendly app for charging and is independent of both electricity companies and manufacturers of charging infrastructure.
Since the start, The Company’s focus has been towards developing the technical platform as well as increasing the interest and connecting with selected strategic partners and customers. The company provides solutions in Sweden, Norway, Denmark, the Netherlands, Great Britain, Romania, Morocco, Kenya, Uganda, Malta, the USA, Australia, New Zealand, Malaysia, the Philippines and Barbados with the ambition to grow with its customers into new geographic markets and has adopted a growth strategy which includes multiple continents before the end of 2025. The Company’s strategy is both sustainability and customer-centric. Smarter electric vehicle charging through ChargePanel’s platform facilitates the transition from fossil-fuel vehicles to electric vehicles for both private individuals and companies. This is in line with the climate goals of most countries and regions, and the incentives for electric vehicles will increase sharply in the future.
The Company was founded in 2014 and has its headquarters in Stockholm, Sweden. ChargePanel AB (publ) is listed on Nasdaq First North Growth Market and The Company’s Certified Adviser is Mangold Fondkommission.