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- IPD (IPG) completes the acquisition of the assets of Gemtek, expanding its fast-growing electric vehicle (EV) charger market
- Gemtek is a Perth-based turn-key energy management and EV solutions provider, with over 15 years of experience
- IPD paid less than $500,000 for the company which made $1.3 million in revenues and breakeven earnings in FY21
- The company is now able to provide a complete, end-to-end solution to EV charger customers including design, hardware, electrical infrastructure, installation, network management and maintenance solutions
- IPD is up 2.48 per cent on the market today and trading at $1.65 each
IPD (IPG) has completed the acquisition of the assets of Gemtek, expanding its fast-growing electric vehicle (EV) charger market.
Gemtek is a turn-key energy management and EV solutions provider, with over 15 years of design, project management and infrastructure maintenance experience.
Based in Perth, Gemtek’s partners and customers include Development WA and the Public Transport Authority of Western Australia.
IPD paid less than $500,000 for the company which made $1.3 million in revenues and breakeven earnings in FY21.
With this purchase, IPD is now able to provide a complete, end-to-end solution to EV charger customers including design, hardware, electrical infrastructure, installation, network management and maintenance solutions.
IPD’s CEO Michael Sainsbury said he was very pleased with the Gemtek acquisition and the future growth prospects that it provides for IPD.
“While the relatively small scale of Gemtek reflects the current early life cycle state of the Australian EV charger market, this is an excellent business that provides a springboard for securing future growth in a market with rapid and exponential expansion expectations,” he said.
“As set out in our prospectus, the EV charger market is one of IPD’s key growth sectors and we plan to use the Gemtek acquisition as a platform from which to offer our customers a complete offering and develop our capabilities in the space.”
“We expect that EV charging infrastructure and related services will make a significant contribution to the group’s future earnings growth.”
IPD was up 2.48 per cent on the market today and trading at $1.65 each at market close.
