Why sell one of Africa’s largest EV chargers?

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GridCars, the biggest EV charging company in South Africa and one of the biggest in Africa, is getting sold, according to MyBroadband. The publication says that renewable energy company Solareff plans to sell its majority stake of 75% in GridCars. The proposed stake sale comes amid a slowdown in charging station rollouts in South Africa due to low utilisation rates. 

• The sale comes as Solareff seeks to focus on its main business. It is one of South Africa’s foremost commercial solar PV and battery firms. Plummeting solar component prices and an unreliable grid has led to a surge in demand.   

• GridCars could be an attractive acquisition target for EV charging investors who want to enter or expand their presence in emerging markets. Acquiring an established national player like GridCars gives them immediate infrastructure, regulatory approval and local knowledge. 

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