ABB, a Switzerland-based industrial equipment maker, has acquired Epyon Power, a Netherlands-based provider of power supplies for electric vehicles, for an undisclosed sum from its corporate venturing backers.
The deal follows ABB’s purchase last year of US-based Ecotality to help it enter North America’s electric vehicle charging market.
In November, Epyon had raised €7m ($10m) from Taiwan-based LiteOn Technology, local investors BOM and Breesaap, the investment fund of former Dutch Prime Minister Ruud Lubbers, and venture capital firms Chrysalix and its European affiliate Set Venture Partners, which were Epyon’s largest shareholders having previously provided an undisclosed amount in June 2008. Set Venture Partners is funded by European power groups Energy Resources Ventures and Delta.
Parallel to the financing agreement, LiteOn also agreed to support Epyon’s market development, such as its charging station Terra (pictured) in parts of greater China, Asia, Europe and the US.
Epyon had been spun out from the Delft University of Technology in The Netherlands in 2005.
David Lin, Chairman of LiteOn, at the time said: "Epyon’s leading EV fast-charging technology coupled with its unique value proposition in the electric vehicle market is visionary and matches LiteOn’s long-term strategy. Epyon’s geographic location also helps to develop LiteOn’s presence in Europe. LiteOn will closely cooperate with Epyon in delivering integrated charging and energy storage solutions to customers."