Mer og Eviny Hurtiglading går sammen og skaper Nordens ledende hurtigladeselskap

Statkraft og Eviny slår sammen hurtigladevirksomhetene sine og skaper Nordens største hurtigladeselskap (≥1 million registrerte kunder), med eierandeler 43% Statkraft og 57% Eviny. Selskapet oppgir dobling av inntektene og lavere totalkostnader, drevet av skalering og konsolidering i et marked der elbilsandelen øker raskt; transaksjonen forventes å gi høy lønnsomhet og god utbyttekapasitet. Fusjonen forutsetter godkjenning fra Konkurransetilsynet og nødvendige juridiske godkjenninger i Tyskland; Eviny bidro i 2025 med ~75 MNOK positiv EBITDA i Skandinavia, mens Mer hadde nær 1 mrd. NOK omsetning i 2025.

Analysis

This is a sign that EV charging is moving from land-grab to network-density economics. The beneficiaries are operators with cheap power access, premium sites, and enough scale to spread software, maintenance, and customer-acquisition costs; subscale regional players are the ones most likely to get squeezed. A less obvious loser is the hardware layer: once buyers consolidate, charger procurement becomes a few large RFPs rather than many small ones, which tends to push down pricing and shift bargaining power to the network owner.

The first catalyst is regulatory, not operational. Approval friction in Norway/Germany is the cleanest way to kill the implied synergy story, and any remedies that force open-access or pricing commitments would dilute the margin uplift investors may be anticipating. Over 6-18 months, though, this kind of roll-up could become the template for more Nordic consolidation if utilization keeps rising and power costs remain manageable.

The contrarian point is that market share in charging is not the same as moat. The real variable is session-level economics: utilization, power procurement, uptime, and payment friction. If EV adoption slows or automakers keep integrating routing/payment inside the car, the app/network advantage can erode faster than the headline scale suggests, so this is bullish for disciplined operators but not a blanket re-rate for the whole charging complex.

Key Decisions for Investors

• Short CHPT into strength over the next 1-3 months; the market may read this as a sector validation event, but CHPT still lacks the localized network density and procurement leverage that drive durable EBITDA margins. Falsify if CHPT prints a clear gross margin inflection or raises FY guidance.
• Long ABB (ABB) on pullbacks over 6-12 months; consolidation among operators should concentrate charger capex into fewer, larger customers and favor industrial suppliers with service revenue and pricing power. Risk/reward improves if order growth in electrification stays above mid-teens.
• If trading the theme as a pair, prefer long EVGO / short CHPT for a 3-6 month horizon; EVGO is more exposed to route-density economics while CHPT is more vulnerable to margin compression if pricing becomes more competitive. Cut if EVGO utilization or same-site throughput weakens.
• Set a watch item on antitrust timing: if approvals slip beyond ~60 days or impose structural remedies, fade any rally in charging-infrastructure names; the near-term upside is mostly from synergy expectations, not yet from verified cash flow.