Compleo strengthens market position through targeted investments

Consequent continuation of the inorganic growth strategy through the acquisition of innogy eMobility Solutions | +56.8 percent Group sales growth despite challenging procurement market | Compleo Connect doubles 2020 sales after only 9 months | Successful launch of the new wallbox Compleo SOLO

Dortmund, November 16, 2021 – Compleo Charging Solutions AG (“Compleo”), a leading provider of charging solutions for electric vehicles, consistently continued its growth strategy in the third quarter of 2021. The inorganic growth was significantly driven by the acquisition of innogy eMobility Solutions GmbH as well as Compleo Connect GmbH (“Compleo Connect,” formerly “wallbe GmbH”), while organic growth was intensified by the successful launch of the wallbox Compleo SOLO and the expansion into neighboring countries. With this strategy Compleo recorded percentage sales growth of 56.8 percent to EUR 37.6 million in the first nine months of the year. In particular, the AC charging stations segment achieved record sales of EUR 18.2 million (9M 2020: EUR 7.7 million) and thus concomitant growth of 137.2 percent in the reporting period. 

Compleo is continuing its M&A strategy following the acquisition of Compleo Connect in the first half of 2021 and on October 26 announced the acquisition of 100 percent of the shares in innogy eMobility Solutions GmbH (“ieMS”). Through this acquisition, the Compleo Charging Solutions AG portfolio will be expanded to include complementary software services and innovative charging stations that are intended to secure the basis for market leadership as a full-service provider of charging technologies in Europe in the long term. In particular, the current area of software services will be expanded by the profound expertise on the part of ieMS through the leading backend system with around 27,000 connected charging points. Both the further development of ieMS’s hardware and software products and the exploitation of significant potential from synergies are the focus of the integration. The cultural fit of both Dortmund-based companies as well as the industry leadership and brand strength of iEMS acquired in recent years will help in this regard. 

“The acquisition of innogy eMobility Solutions GmbH represents another significant milestone in our long-term growth and expansion strategy. Compleo will become a full-service provider of charging infrastructure. This means that we will not only strengthen our offering to our customers, but also cover additional parts of the value chain. We are thus securing further potential for long-term growth, in both the hardware and software sectors,” commented Georg Griesemann Co-CEO und CFO.

The integration of Compleo Connect, which was acquired in the first half of the year, into the Group has already been completed. Its expertise, particularly in the area of payment systems and AC wallboxes, also represents an important step in Compleo’s growth strategy. 

Nevertheless, Compleo is also consistently continuing its organic growth: the Compleo SOLO wallbox was successfully launched on the market this year. A framework agreement with a large energy supplier with international structures that intends to purchase the SOLO in significant quantities is particularly positive. In geographic terms, Compleo has expanded into Switzerland and Austria so far this year, in the latter case also with its own branch in Vienna and the certification of Compleo charging stations according to Austrian calibration law. Poland was added and with Compleo Connect, a branch office in Sweden.

An additional location with 5,100 sqm of production and logistics space was rented as of February 1, 2021, to create the capacity for this rapid growth. Negotiations are also in full swing for the planned “Compleo Campus,” which is scheduled to open in 2023/2024. The new headquarters will be designed as a European center for charging technology in Dortmund.

Sales rose by EUR 13.6 million in the first nine months of 2021, from EUR 24.0 million (first 9 months of 2020) to a total of EUR 37.6 million (+56.8 percent). Sales of AC charging stations increased significantly by 137.2 percent from EUR 7.7 million in the first nine months of 2020 to EUR 18.2 million in the 2021 reporting period. Sales of DC charging columns recorded a decline from EUR 11.3 million in the previous year to EUR 7.1 million. This decline is primarily due to delayed funding commitments for e-mobility projects and a change in the call-off behavior of a major customer. Sales in project and installation amounted to EUR 5.3 million (previous year: EUR 2.3 million), while sales in other, service and maintenance amounted to EUR 7.0 million (previous year: EUR 2.7 million). R&D expenses rose by 59.1 percent from EUR 2.8 million to EUR 4.5 million. In view of the further expansion of the development team and the intensive growth investments in the first three quarters, Compleo achieved EBITDA (earnings before interest, taxes, depreciation and amortization) of EUR -7.7 million (previous year: EUR -0.8 million), adjusted for non-recurring effects.

“We have set an important course this year and created structures that will enable us to make the most of the opportunities that arise in the highly dynamic market for charging solutions. The acquisition of Compleo Connect and the now signed acquisition of ieMS bring us a decisive step forward on our way to becoming the European e-mobility champion. At the same time, our teams are doing an excellent job in further developing our products and the range of our distribution in Europe. We look forward to continuing to clearly and consistently implement our growth strategy,” Griesemann continued. 

The Management Board of Compleo Charging Solutions AG will be reorganized at the beginning of 2022. With the planned acquisition of innogy eMobility Solutions GmbH, an even greater focus will be placed on the technology area, including backend software. The Supervisory Board is thus taking the expanded business area technology into account and creating the basis for the company’s continued growth. Checrallah Kachouh, previously Co-CEO together with Georg Griesemann, will focus more on product development for charging technology and software as Chief Technology Officer (CTO) in the future. Georg Griesemann will take over the role of CEO for the entire Group on January 1, 2022, and be responsible for European sales, amongst other duties. Jens Stolze (COO) will continue to be responsible for the operational management, while Peter Gabriel will remain Chief Financial Officer (CFO).

For fiscal year 2021, the Management Board expects annual sales of between EUR 56 and 61 million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization adjusted for non-recurring effects) in the high single-digit negative euro million range.


The full report for the third quarter of 2021 is available on the company’s website at ir.compleo-cs.com in the publications section.

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    Compleo strengthens market position through targeted investments