Epyon Announces Partnership with Lite-On Technology to Scale up EV Fast-Charger Business

November 01, 2010 by Jeff Shepard

Epyon BV, described as the leading European supplier of intelligent charging solutions for electric vehicles (EVs), received €7 million in new equity funding from five investors, providing what the company says is a solid foundation for its ongoing effort to scale up operations across Europe – as the market for EV fast chargers is taking off.

Epyon welcomes three new shareholders: LiteOn Technology Corp. from Taiwan and Dutch investors BOM and Breesaap, the investment fund of former Dutch Prime Minister Ruud Lubbers. The existing investors, SET Venture Partners and Chrysalix, also participated in the financing round and will remain Epyon’s largest shareholders. After closing, all five investors will be represented on Epyon’s supervisory board.

"The coming year will be pivotal for our rapidly expanding industry. We are very well positioned to capture growth and we are fully energized to move ahead, backed by an exceptional mix of investors," said Hans Streng, CEO of Epyon. "This financing gives us a solid base, both financially and industrially, as we roll out operations throughout Europe."

Parallel to the financing agreement, Epyon and Lite-On also agreed on a business cooperation. LiteOn will support Epyon’s market development in parts of Greater China, Asia, Europe and the U.S, based on its strength in volume production, marketing and logistics and its regional connections. Epyon will continue to produce lower-volume and modular products through its existing partnerships in Europe.

"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," said David Lin, Chairman of LiteOn Clean Energy Technology Corp.