Eaton acquires Green Motion to accelerate energy transition internationally

Green Motion has been pioneering the design and production of charging systems for electric vehicles. Vaud based startup has become a subsidiary of Eaton, a global leader in power management with $17.9 billion in revenues (2020). The two aim to further accelerate the global energy transition. 

Founded in 2009 in Lausanne, Green Motion manufactures charging stations, designs management software for charging networks, operates charging stations and serves as an electric mobility service provider for electric planes and onboard chargers for the automobile industry. The company operates its own network of charging stations under the “evpass” brand, which has become Switzerland’s most extensive network and the leading EV charging hub in Europe. Green Motion’s project footprint includes Europe, China, India, the U.S. and Israel. 

Eaton, a global leader in intelligent power management, recognised this expertise early on and worked with Green Motion for the past 2 years to provide customers with a combined smart charging and energy storage solution for electric vehicles. With its headquarters for Europe, the Middle East and Africa located in Morges (VD), Eaton employs approximately 92,000 employees and sells its products to more than 175 countries. Last year, it generated $17.9 billion in revenues.

Both companies' common vision and ambition led Eaton to acquire Green Motion, completing its offer with a portfolio of state-of-the-art products designed in Switzerland. This acquisition will accelerate its international sales, thus playing a major role in the global energy transition. This acquisition also creates new opportunities for both entities, and a global centre of excellence for electric mobility infrastructure will be created in Switzerland.

Following the acquisition, Green Motion will continue to operate with its existing structure as a subsidiary of Eaton. Its management, led by its CEO and founder, François Randin, remains in place. No job cuts are planned. Green Motion will strengthen its Lausanne headquarters and its Zurich branch, creating new jobs.

François Randin, Founder and CEO of Green Motion, said: "Between Eaton and Green Motion, we have a strong complementarity between our products, technologies and teams as well as a common vision and ambition on the energy transition. This acquisition is a great opportunity to accelerate Green Motion's success internationally by immediately making a global impact on decarbonisation to improve the world of tomorrow.”

"Energy transition around the world is rapidly gathering momentum, and Eaton is well positioned to contribute to society and benefit from this important trend,” said Uday Yadav, president and chief operating officer, Electrical Sector, Eaton. “Electric vehicle charging infrastructure is among the areas where we expect to see significant growth over the next decade. Green Motion’s proven charger designs and its advanced power and billing management software are powerful additions to Eaton’s existing energy storage and power distribution offerings."

(Press release)