Orion Energy Systems Inc., a Manitowoc-based provider of energy efficient LED lighting and electrical installation and maintenance services, has entered the growing electric vehicle charging station market with the acquisition of Voltrek, LLC, an electric vehicle charging station business in Lawrence, Massachusetts.
Voltrek, which reported nearly $5 million in revenue in 2021 predominantly from New England projects, was founded in 2010 and provides charging station planning, installation, maintenance and management services. The company counts more than 3,500 charging ports under management, and is an installer for National Grid’s and Eversource’s Make-Ready programs, which help businesses cut down on charging station costs and convert fleets to electric.
Orion (Nasdaq: OESX), which was founded in 1996 and went public in 2007, will operate Voltrek as an independent brand within the company. The companies did not disclose the financial terms of the deal.
“As a top-ranked ChargePoint EV charging station (value-added reseller) and service provider, Voltrek is uniquely positioned to leverage our expertise in facilitating the conversion to electric mobility,” Kathleen Connors, Voltrek president, said in a statement. “We expect the added support of Orion’s customer reach, large partner network, financial resources and its growing maintenance service group will support our continued growth.”
Orion noted that demand for charging infrastructure is likely to spike as global passenger electric vehicle sales are estimated to rise from 6.6 million units in 2021 to more than 20 million by 2025, according to BloombergNEF.
Mike Jenkins, Orion's chief operating officer, said the company sees substantial cross-selling potential between its LED lighting and electrical maintenance solutions and EV charging. He said Voltrek's products address a growing need expressed by customers and fit well with the company's core expertise.
“Charging stations are an increasingly important part of a high-quality retail experience, as well as an important amenity for employees and visitors," Jenkins said.
Orion said approximately $5 billion in state and federal programs have been developed to incentivize consumer adoption and support the buildout of EV charging infrastructure over the next five years through the National Electric Vehicle Infrastructure (NEVI) Formula Program established by the bipartisan infrastructure bill signed by President Joe Biden last November.
