CTEK to concentrate operations to two divisions - creates a variety of synergies and a streamlined and more profitable EVSE operation

Starting in the fourth quarter, CTEK will conduct the Group’s operations in two divisions – Consumer and Professional. The new Professional division will combine the previous Original Equipment and Energy & Facilities divisions. The planned changes should be considered in the context of the similarity of the procurement process as well as the projects, regardless of whether the customer is an automotive manufacturer, energy company or a car park operator. We are also changing the current name of the Aftermarket division to Consumer, which more accurately describes the division’s primary customer segment.

“Going forward, CTEK will concentrate its EVSE portfolio on destination and portable charging, with a focus on larger business-to-business customers who have the capacity to assume responsibility for a share of the support. At the same time, this means that we are choosing not to focus on smaller transactions where CTEK, historically, has taken a larger support role. I am convinced that with this change, we will more quickly achieve a scalable EVSE business with sustainable profitability and solid cash generation,” says Henrik Fagrenius, President and CEO of CTEK.

“By combining Original Equipment and Energy & Facilities divisions to create the new Professional division, we can realise a variety of synergies in marketing and sales as well as in development and production. Our EVSE offering is fundamentally based on the same product platforms and moreover when we shift our focus to larger customers within the business-to-business segment, our customers’ procurement processes resemble each other in a variety of ways,” says Henrik Fagrenius, President and CEO of CTEK.

Henk Lubberts, the current Head of Original Equipment, will lead the new Professional division, while Cecilia Routledge, the current Head of Energy & Facilities, will leave the Group for another role. Gary Brown, the current Head of Aftermarket, has chosen to leave his role for personal reasons after the restructuring and the recruitment process has begun. President and CEO Henrik Fagrenius will temporarily lead the Consumer division until a permanent replacement is appointed.

For additional information, please contact:
Niklas Alm, Investor Relations, +46 708 24 40 88, niklas.alm@ctek.com

About CTEK

Established in Dalarna Sweden, CTEK is the leading global brand in battery charging solutions, most specifically vehicle charging.

CTEK offers products ranging from 12V & 24V battery chargers to charging solutions for electrical vehicles. Products are sold via a carefully selected network of global distributors and retailers, as original equipment, supplied to more than 50 of the world’s leading vehicle manufacturers and through charge point operators, property owners as well as other organisations and individuals providing EV charging infrastructure.

CTEK takes pride in its unique culture based on a passion for innovation and a deep commitment to supporting the transition to a greener mobility, by adhering to industry-leading ESG standards.

CTEK’s share is listed on Nasdaq Stockholm Mid Cap, and trades with the ticker CTEK.

For more information, please visit also www.ctekgroup.com