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Manufacturer of electric car charging stations wants to go public

D.he company name Compleo comes from Latin and means “I am loading”. The ancient Romans had no idea about batteries or cars, but they did know about the infrastructure, as the road network through half of Europe that still exists today is evidence of.

Germany and Europe are also currently facing a mammoth infrastructural task, because politically accelerated electromobility for the masses is unthinkable without a dense network of charging points. As a developer, manufacturer and supplier of charging stations for electric cars, Compleo expects great growth opportunities – a stock market story straight out of a picture book.

The Dortmund company, which emerged from the switch cabinet manufacturer EBG, which was founded in 1948, is managed by Checrallah Kachouh and Georg Griesemann. Kachouh, who is also Chief Technology Officer (CTO), comes from the automotive supplier industry and describes Compleo as a greentech company with technically advanced charging solutions. Griesemann, who is also CFO, previously worked as the chief financial officer of a large real estate company. He expects sales of electric cars to rise sharply in Europe. “We want to use the proceeds from the planned IPO to drive our expansion in Europe,” said Griesemann in an interview with F.A.Z.

More than 220 new electric models

Is that a promising strategy for investors? The overall economic framework with the growing environmental awareness of many car buyers, the sometimes brutal government measures to promote electromobility and the development of many new electric models, including by classic car manufacturers, looks extremely favorable.

The extent to which Compleo can participate in the hoped-for growth will also depend on whether the company will prevail over competitors. There are currently only 175,000 charging points for electric cars in Europe, but the number is expected to multiply to 1.2 million by 2025. Compleo has delivered 25,000 charging stations across Europe in the past eleven years, 22,000 of which are in the home market of Germany.

The Dortmund-based company has a clear market share, but with an annual turnover of 15 million euros in 2019, it is far from being a monopoly. Suppliers such as ABB, Schneider Electric or Alfen are also vying for orders from large companies or municipal utilities for the delivery and installation of charging stations across Europe. How much Compleo is concentrating on growth is shown by the sales for the first half of 2020: At more than 14 million euros, it is almost as high as the total sales of the previous year.

The IPO in the regulated market of the Frankfurt Stock Exchange is planned for the current year, potential investors and investors are now waiting for the publication of the securities prospectus. Compleo intends to invest the money collected on the stock exchange primarily in expanding sales and service, further improving technology and expanding the range of products. The shares offered for subscription are primarily to be new shares from a capital increase. In addition, existing shareholders also want to give up some of their shares. Commerzbank and Oddo BHF are responsible for the IPO.

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