Kempower: Significant heavy transport customer in the US
By Pauli Lohi
Summary
- We assess Kempower's acquisition of EV Realty as a significant move, marking an important step in the early-stage truck transport charging market, with the potential for substantial revenue from a 76-stall fleet charging hub in California.
- Kempower has strategically invested in heavy-duty transportation, anticipating that commercial vehicle charging will surpass passenger car charging as the largest market segment by the end of the decade.
- In our view, the relationship with EV Realty serves as a crucial reference for Kempower, highlighting the growing role of large charging operators in the market, though it does not necessitate immediate changes to our estimates.
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Translation: Original published in Finnish on 10/1/2025 at 7:00 am EEST.
Kempower has recently acquired EV Realty as a customer, a major charging station operator that is currently building large charging stations for heavy-duty vehicles in California. We consider this a relatively significant customer acquisition, given that the truck transport charging segment is still in a fairly early stage of development as a market. Kempower has invested substantially in heavy-duty transportation and estimates that charging commercial vehicles will become the largest market segment by the end of the decade, surpassing passenger car charging.
Significant heavy transport customer
On Tuesday, Kempower announced in a press release that it will supply DC chargers for a new 76-stall fleet charging hub in San Bernardino, California, USA. The customer, EV Realty, announced the project's launch earlier in September.
The scale of the charging station is exceptionally large, and it will be the largest grid-connected charging site in the US. The station's total capacity is 10 MW, which we estimate will generate several million euros in revenue for Kempower. In addition, EV Realty has plans for other similar projects in which Kempower could participate. In the illustrations of the charging station, all or at least the majority of the stations appear to be based on Kempower technology.
We consider this customer relationship an important reference for Kempower and believe that large charging operators will play a more prominent role in the market in the long term. However, we do not see this customer relationship as creating an immediate need to change our estimates.
Site serves several heavy-transport contract customers
EV Realty's charging site serves several heavy transport operators on a contractual basis. Among the company's customers are trucking companies that transport freight, for instance, from California ports to inland distribution centers. The premise of electrified freight transport is that it will be cheaper than traditional diesel transport if there are facilities to quickly recharge trucks at both ends of the journey.
The charging station has two Kempower Megawatt Charging Systems that customers can use for extra-fast charging at an additional cost. These are Kempower's first MCS-class charging dispensers in North America.
Kempower operates in the industrial sector. The company is a developer of charging solutions and services aimed at the automotive sector. The range mainly includes charging posts, stations, sockets, and associated electronic equipment. In addition to the main business, various after-sales services and technical support are offered. The largest operations are found in the Nordic region and parts of Europe.
Read more on company pageKey Estimate Figures25/07
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 223.7 | 264.0 | 340.5 |
| growth-% | -21.1 % | 18.0 % | 29.0 % |
| EBIT (adj.) | -26.4 | -3.2 | 22.6 |
| EBIT-% (adj.) | -11.8 % | -1.2 % | 6.6 % |
| EPS (adj.) | -0.38 | -0.05 | 0.32 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | neg. | 44.9 |
| EV/EBITDA | neg. | 84.2 | 20.9 |
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