Our revenue has grown at a CAGR of 1,191 percent between 2018 and 2020. Revenue growth has been driven by Kempower’s technologically sophisticated product offering and increasing demand for Electric vehicle’s DC fast charging solutions. By 2030, the DC fast charging equipment market in Europe is expected to increase at a CAGR of 17 percent and in the United States at a CAGR of 27 percent, to an aggregate of approximately EUR 4,000 million1.

1 Sources: BCG Stock Model: Why Electric Cars Can’t Come Fast Enough, April 2021; IHS Markit EV Charging Infrastructure Report and Forecast, July 2021.

We have outsourced significant parts of the DC fast charger materials manufacturing to third party suppliers, enabling us to focus on the final assembly process, which is where the key know-how and competitive advantage of the production lies. We expect that the unit cost of materials will decrease as our sales increase due to volume discounts. In addition, we believe that the modularity of our products and our cloud based Kempower ChargEye™ software that utilises artificial intelligence, will support the scalability of our operations.

Our products have been developed for mass customisation, but they are also flexible as the charging power units may be positioned at up to 50 metres from the charging post. Our movable chargers offer great flexibility in places where electricity is difficult to obtain. Furthermore, Kempower’s charging solutions are compatible with the most common charging standards. Our chargers can dynamically share power between satellite charging posts, which enables an efficient distribution of charger capacity across the charging system. Directing electricity dynamically where it is needed the most, provides each vehicle with its preferred charging power. We believe the dynamic nature of our products is a key competitive advantage.

Kempower was formed out of the Kemppi Oy group, a leading welding solutions provider founded in the 1950s. As a testimony of the successful R&D work, Kempower supplied power sources to CERN in 2006 and received a supplier of the year award. Supported by this technological heritage, we have been able to build a culture of innovation and a roadmap for future R&D development with a target of fulfilling future needs for EV fast charging.

We have signed customer framework agreements and/or purchase orders with reputable international companies that we believe to be forerunners in their own field of business. Our customer base includes, among others, various charge point operators (CPOs), commercial fleet operators and original equipment manufacturers (OEMs), and our products are also sold through our distribution network, making Kempower less dependent on any single customer or customer group.

We aim to operate at the forefront of electrifying traffic and transport as our solutions are designed to enable emission-free mobility. We are committed to the United Nations (UN) 2030 Agenda for Sustainable Development and its Sustainable Development Goals (SDGs). Kempower is committed to 100 percent carbon neutrality by 2035 and 100 percent recyclability in our own operations by 2025.

Our management team consists of competent people with extensive experience from managing rapidly growing international business operations. Kempower’s management also has significant experience in the demanding electrical engineering industry and/or their respective fields. We invest in our personnel by both recruiting more experts to support our growth as well as by developing their expertise. Employee satisfaction is on a very high level as Kempower’s net promoter score (NPS) was 87 percent positive according to an employee satisfaction survey conducted in June 2021. Kempower’s employee attrition has been very low.