Fortum to sell Plugsurfing to Fleetcor Technologies

Finnish energy company Fortum has divested its e-mobility business Plugsurfing to Fleetcor Technologies, Inc., a leading global business payments company, said Fortum in a press release on Thursday.

The transaction price is about EUR 75 million on a cash and debt free basis and Fortum expects to record a tax-exempt capital gain of about EUR 50 million in the Other segment’s third-quarter 2022 results.

The change of Plugsurfing’s ownership has no impact on their existing partnerships or customers.

Plugsurfing is a Pan-European platform, fostering sustainable mobility and a seamless driver experience through aligning the entire car charging ecosystem − drivers, charging point operators, and carmakers.

Their service connects over one million registered electric vehicle (EV) drivers to a network of 300;000charging points, enabling over 800,000 charging sessions each month.

The Berlin-based startup was acquired by Fortum in 2018 and subsequently merged with part of the Charge and Drive business developed by Fortum.

Plugsurfing has been grown as one of the portfolio companies in Fortum’s Valkea Growth Club. Valkea supports startups that offer digitally enabled solutions in the energy, resource-efficiency, and sustainability sectors.

“Fortum has been a good owner for Plugsurfing and we are thankful for the support we have received thus far. With Fleetcor Technologies, an exciting future is ahead of us. We will expand into new customer segments, like fleets, and grow our business to meet the multifaceted demands of the future EV ecosystem”, said Tatu Kulla, the CEO of Plugsurfing.