Epyon Raises EU7 Million in Equity to Scale up Its EV Fast-Charger BusinessBy Epyon, PRNE
Sunday, October 31, 2010
New Financing and Partnership With LiteOn Provide Solid Base for Accelerated Expansion in Europe
RIJSWIJK, Netherlands, November 1, 2010 - Epyon BV, the leading European supplier of intelligent charging solutions
for electric vehicles (EVs), received 7 million euros in new equity funding
from five investors, providing a solid foundation for its ongoing effort to
scale up operations across Europe - as the market for EV fast chargers is
"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."
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.
Parallel to the financing agreement, Epyon and LiteOn 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.
Epyon will also significantly increase its access to the high-tech
community through the network of regional development company BOM, which
operates in the heart of the Dutch high-tech automotive sector.
"We are pleased to make a contribution to the development of electric
vehicles with our BOM Participation Fund and our Spin Off Fund Brabant," said
Frank van de Ven, Sr. Investment manager at BOM. "Epyon does have our special
interest because their solutions address the challenge the industry faces in
the development and standardization of the network of intelligent charging
Bart Lubbers, director of Breesaap, adds that he's convinced that the
ability to charge an electric vehicle within 20 minutes will lead to a
breakthrough in electric mobility and the related services industry.
Epyon, founded in 2005, earlier this year launched Europe's first
commercially operated fast-charging station and recently signed several
agreements to deploy its highly scalable multi-post solutions.
For more information about Epyon, please visit www.epyonpower.com
Media contact: Marcel van de Hoef, N2P Communications, +31(0)6-52-386-747, marcel at n2p.nl; Investor contact: Stefan Franco, CFO Epyon, +31(0)70-307-62-00, sfranco at epyonpower.com
Tags: Epyon, Netherlands, November 1, Rijswijk