Preh GmbH is acquiring the ePower business unit of Norway's Kongsberg Automotive ASA, a supplier of on-board chargers, for an undisclosed amount.
The Germany-based supplier of injection molded electronic controls to automotive companies announced Nov. 24 that ePower, founded in 2011, develops on-board chargers which are now in series production and used in the powertrain for electric and hybrid vehicles.
The Kongsberg, Norway-based business currently employs 20 people and has two development centers in Gothenburg and Mullsjö in Sweden.
The acquisition is aimed to strengthen Preh's own e-mobility activities and is set to close by the end of 2017.
Describing it as a “speedboat” in a growing automotive segment, Preh CEO Christoph Hummel said ePower was the “perfect addition” to the company's e-mobility business.
Although a young business, ePower has worked with renowned customers including Volvo and Lynk & Co.
Post-acquisition, Lennart Garpenstedt, the ePower business unit head of Kongsberg Automotive, will become managing director of the future company Preh Sweden AB. The two development center locations in Gothenburg and Mullsjö will also remain.
At Preh, ePower will become part of the e-mobility business within Preh Sweden AB. In this business area, Preh has bundled its expertise in the battery management of electric and hybrid vehicles.
Preh Group has been intensively investing in acquisitions, and had a strong financial performance last year, achieving record sales of around 1.18 billion euros ($1.39 billion) in 2016, up from 763 million euros ($901 million) in 2015.
In May, the group announced plans for new investments.
The company aims to spend around 6.5 million euros ($7.6 million) in setting up a new e-mobility laboratory for its electromobility business segment at its headquarters in Bad Neustadt, Germany. The new laboratory is scheduled to be up and running in the second half of 2017.
The focus will be on the quality qualification of products for the e-mobility sector, especially for high-voltage applications.