October 6, 2022
Orion Acquires EV Charging Company, Voltrek
Expanding outside of lighting may enable more sales with each national account customer
Distributors, contractors and other electrical industry stakeholders have been ratcheting up their investment in products and services related to electric vehicle (EV) charging. We have seen some lighting and electrical industry manufacturers expand product offerings into the realm of EV charging stations including Espen Technologies, Light Efficient Design and Stresscrete. Other manufacturers, like ATG LED Lighting, are expected to soon launch their EV charging product families.
Today, turnkey lighting company, Orion Energy Solutions, announced the acquisition of Voltrek, a small EV charging equipment company based in Lawrence, MA. Orion reports Voltrek’s 2021 revenues as $4.8 million mainly from projects in New England. With Orion’s strong focus on regional and national retail accounts, the EV solutions offering could allow the turkey lighting products & services company to tack on incremental sales to the lighting customers whom they are already serving.
Below is the announcement from Orion:
MANITOWOC, Wis. and BOSTON, Oct. 06, 2022 -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, controls and electrical installation and maintenance services announced today its expansion into the electric vehicle (EV) charging station market through the acquisition of Voltrek, LLC. Voltrek had 2021 revenue of $4.8M primarily from projects in New England. Orion will host an investor call today at 4:15 pm ET to discuss the acquisition. Call details are below.
Voltrek provides turnkey EV charging solutions and ongoing support to all commercial verticals, working as a value-added resale partner to leading Electric Vehicle Supply Equipment and Electric Vehicle Service Providers, offering turnkey solutions from planning and installation to maintenance and management services. Voltrek will operate with its existing employees as an independent brand within Orion.
Core Voltrek Value Drivers:
- 3,500+ charging ports under management and growing.
- Voltrek is a nationally ranked top-tier value-added reseller (VAR) with an industry standard-setting service model.
- National Grid Utility Make-Ready Program lead installer.
- Eversource Utility Make-Ready Program installer.
The acquisition positions Orion in the fast-expanding EV charging infrastructure market. BloombergNEF estimates global passenger EV sales will rise from 6.6M units in 2021 to an estimated 20.6M units in 2025 (approximately 23% of global new vehicle sales), driving substantial demand for EV charging infrastructure. Approximately $5B 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 Law.
Orion COO, Mike Jenkins, commented, “Voltrek’s turnkey EV charging solutions are an ideal fit for Orion’s national accounts and our partner network as they directly address a growing need expressed by our customers and fit well with our core areas of expertise. Charging stations are an increasingly important part of a high-quality retail experience, as well as an important amenity for employees and visitors. We see substantial cross-selling potential between our LED lighting and electrical maintenance solutions and EV charging and believe Voltrek places Orion in the forefront of this opportunity.”
Kathleen Connors, an established EV charging industry leader who will continue to lead Voltrek as its President, stated, “As a top-ranked ChargePoint EV charging station VAR and service provider, Voltrek is uniquely positioned to leverage our expertise in facilitating the conversion to electric mobility. 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.”
To learn more about Voltrek, visit their website at www.voltrek.com.
