NHOA: Atlante Acquires KLC in Portugal, Becoming One of the Largest EV Fastcharging Networks in Iberia

Atlante, the company of NHOA Group  dedicated to electric vehicles fast and ultra-fast charging infrastructure, announces the acquisition in Portugal of a 60% majority stake in Kilometer Low Cost S.A. (“KLC”), with the possibility that the initial 60% could be increased to 100% by 2024.

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KLC owns and operates one of the largest networks of EV charging stations in Portugal, in particular for fastcharging. This acquisition will therefore support the positioning of Atlante as leading player in Iberia and one step closer towards its ambition to become the largest fast and ultra-fast charging infrastructure in Southern Europe.

Atlante will bring technical, financial and operational capabilities to KLC, with a clear view of fully integrating KLC charging stations into the Atlante network, in terms of energy management, digital platforms, brand identity and sustainable energy supply.

Through the KLC acquisition, Atlante will also gain access to a solid team of professionals and strategic partners, accelerating its recruitment efforts for new talents in the upcoming months to enhance an ever-growing expansion of its presence in the region.

“This acquisition represents a perfect complement to the portfolio of sites for fastcharging stations which we developed and secured since Atlante Iberia inception 9 months ago – including via public tenders and with several already under construction. I am proud to share that this same week Atlante Iberia’s first station has gone live in the Spanish city of Lleida, a great milestone for our team. Thanks to KLC’s already significant presence in the region, Atlante’s mission to foster the transition to electric mobility in Southern Europe will be achieved even faster. We warmly welcome our new KLC colleagues in the Atlante family joining our journey to take sustainable electric mobility to the next level,” said Giovanni Ravina, CEO of Atlante Iberia and Head of Green Energy.

“This is an important booster for Atlante’s network development in Iberia. Portugal has been pursuing EV developments with successful initiatives and the KLC acquisition means that we can accelerate our network’s roll-out there. Good news that come just a couple of months after we were awarded the CEF grants, of which around 15% is earmarked for Portugal. I wish to thank KLC management team, who worked hard to make this happen and who will remain our partners and support further our growth in Portugal and hopefully Spain,” said Stefano Terranova, CEO of Atlante.

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Prior to the acquisition, KLC demerged its previous activities in shared mobility service and EV stations’ construction and operation to form a new company: Kilometer Low Cost II Serviços, S.A. (“KLC Services”). The sellers of KLC (Bonera Group, Estrela Capital and Smartwatt Energy Services) will retain full ownership of KLC Services which will provide construction and operation services to KLC as part of its Services Offer to EV charging Operators, Fleet and Home users in Portugal, with the intention of remaining a long-term partner for Atlante’s ambitious growth plans in Iberia and continue to develop integrated charging solutions for the Fleet and Home segments.

“The partnership with Atlante will enable KLC to offer its customers distinctive leading technology solutions for electrical vehicles, constituting a major step towards our objective of becoming the leading provider of innovative mobility solutions,” commented Pedro Nunes, CEO and co-founder of KLC.

“As leading EV charging service provider in Portugal KLC Services is proud and enthusiastic to support Atlante in deploying its Iberian strategy. Working with sophisticated partners like Atlante, as well as deploying dedicated software solutions is key to KLC Services becoming the partner of choice for EV charging operators and users,” declared LuÍs Serzedelo, CEO of KLC Services.

The initial transaction will consist of 60% of the shares of KLC for an equity consideration to the sellers of around €4.5 million whilst Atlante has an option to acquire, and the selling shareholders an option to sell to Atlante, the remaining 40% by 2024 for an equity consideration ranging from €1.7 million and €6.7 million depending on the achievement of specific targets in 2023.

The closing of the transaction is subject to customary approvals and regulatory consent, including consent to the change of control by key stakeholders and clearance by the competent antitrust authorities.

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