Epyon Power, which is backed by Vancouver-based Chrysalix Energy Venture Capital, will be acquired by power and automation technology company ABB, the venture firm announced Thursday. Terms of the deal were not released. Epyon develops battery charging products and services for electric vehicles.
Chrysalix Energy Venture Capital, the world’s most active cleantech venture capital firm in 2010, announced the purchase of its electrical vehicle (EV) fast charging portfolio company, Epyon Power, by ABB, the leader in power and automation technologies. The deal marks the first major acquisition in the EV charging industry, and is the largest EV infrastructure acquisition to date.
“This acquisition marks a milestone for the industry, where major players, like ABB, have realized the importance of intelligent fast charging systems in order to drive mainstream EV adoption. It’s also an excellent example of Chrysalix’ successful philosophy of investing early in enabling technologies, and nurturing them from raw start-ups to becoming major industry players.” said Mike Sherman, Managing Director and Epyon Portfolio Manager at Chrysalix. “Since working alongside our European partners, SET VP, to spin the company out of the Delft University of Technology, we’ve been hands-on with the Epyon senior management team to support the company to becoming the leading EV infrastructure player in Europe. Now with this acquisition, the technology and team will have a lasting impact on EV adoption worldwide.”
Epyon’s battery charging products and services are the most sophisticated and advanced solutions available today for the optimized fast charging of EV batteries, reducing charge times from hours to minutes. The Company is actively engaged in building out fast charging corridor programs in Europe, North America, and Asia to solve the range anxiety issues held by many to help fill the gap between EV production and adoption.
“Chrysalix has been at our side every step of the way making them a rare breed of venture capital firm we’ve been proud to be associated with. From the weekly help over the years to the doors they opened to industry leaders, their support has undoubtedly contributed to this important acquisition,” said Hans Streng, CEO of Epyon.
About Chrysalix Energy Venture Capital
Chrysalix is a venture capital firm investing in technologies that will drive the new energy economy. The Firm provides early-stage financing, hands-on assistance and strategic connections to innovative companies confronting the world’s most important energy and environmental issues. In the past few years, the Firm has consistently ranked among the top most active clean energy technology venture capital firms in the world and in 2010, was listed as the most active cleantech VC by the Cleantech Group. The Chrysalix team has an exceptional track record in this emerging industry. Collectively, it has over 120 years of experience in the energy industry and over 120 years in the venture capital business. The Firm is backed by a strong group of international blue-chip industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. In total, Chrysalix has approximately $300M in assets under management.