Taiwan Cement Co., which has diversified into the green energy business to broaden its product portfolio, has acquired a 60 percent stake in Kilometer Low Cost S.A. (KLC), the largest electric vehicle fast charging services provider in Portugal.
In a statement, Taiwan Cement said its sub-subsidiary, Atlante Co., spent 4.5 million euros (US$4.78 million), or about NT$147 million, to buy the KLC stake, and expected to acquire the remaining 40 percent stake by the end of 2024.
In the statement, Atlante CEO Stefano Terranova said the acquisition of KLC would serve as a springboard for the company to expand in Portugal and Spain by accelerating the pace at which it builds EV charging stations.
According to Taiwan Cement, Altante will use the deal to take the lead over its peers in the fast charging business in the Ibérian Peninsula and move closer to becoming the largest fast charging service provider in southern Europe.
Atlante will bring technologies and financial support to KLC and help it strengthen its resource management, digital platform and brand recognition, while getting access to a professional team and strategic partners to extend its reach in Portugal, Taiwan Cement said.
In April, Atlante opened subsidiaries in France and Spain as part of its efforts to expand in the European market, Taiwan Cement said.
Five months later in September, Altante secured a grant of about NT$710 million from the Connecting Europe Facility (CEF), a EU funding instrument for strategic investment in transport, energy and digital infrastructure, to expand its network in Italy, France, Spain and Portugal.
It has set a goal of installing 5,000 fast and ultra-fast EV charging points in the four countries by 2025, and more than 35,000 by 2030, Taiwan Cement said.
Atlante is a subsidiary of European energy storage company NHOA, formerly known as Engie EPS, in which Taiwan Cement acquired a 60.48 percent stake for 132 million euros in 2021.
Source: Focus Taiwan News Channel