Kempower - Electrifying mobility with chargers

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https://www.bangkokpost.com/business/motoring/3255135/kempower-bets-on-ev-infrastructure-boom

Kempower is investing in Thailand:

"Carlo Cecchi, Kempower’s director for new markets, said Thailand offers strong potential.

“Thailand is the most rapidly growing EV market in Southeast Asia. The market is moving quickly from early adoption towards large-scale ecosystem development, supported by strong policy direction, increasing investment, and growing consumer confidence,” he said."

There is certainly plenty of growth:

"…In January 2026 alone, new battery electric vehicle (BEV) registrations reached 45,668 units, a 210% year-on-year increase. By February, cumulative BEV registrations had surpassed 400,000 units, with annual passenger EV sales projected to hit 125,000 units.

Thailand’s EV policy, known as the “30@30” scheme, is expected to further drive adoption. The plan targets EVs making up 30% of total auto production by 2030, including 725,000 zero-emission cars, 675,000 electric motorcycles, and 34,000 electric buses and trucks.

Kempower is actively seeking business partners to invest in DC fast-charging stations to support this rapid growth."

In Finland, we are used to more than half of registrations being electric cars. However, Thailand already has twice as many electric cars, growth is accelerating, and it is about to overtake Finland’s percentage of electric cars in new registrations.

The rise in gasoline prices has hit Thailand much harder than here, and the vehicle fleet is a nice 20x larger. Additionally, there’s heavy traffic/logistics.

Kempower already has several customers in Thailand, so now it’s just time to turn up the heat!

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Kassu and Pauli have published a new company report on Kempower in honor of Saturday. :slight_smile:

The news flow surrounding Kempower has, in our view, been positive lately, which provides support for our growth forecasts for the coming years. We have not made changes to our earnings forecasts since the Q1 update, so we reiterate our EUR 15 target price. However, we are upgrading our recommendation to Accumulate (previously Reduce) as the share price decline has made the expected return attractive again. Next, eyes should be turned to the Capital Markets Day occurring in just over a week, where the company will unveil its updated strategy.

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Visible signs today of the electric vehicle trend gaining momentum or its final breakthrough: in Ilta-Sanomat, an “Audi man” switches to an electric car, and in The Wall Street Journal, there are tips on used EVs:

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Press Release

Kempower and APM Terminals sign global framework agreement for the supply of charging infrastructure for port terminals

20.05.2026 at 09:00

Kempower and APM Terminals have signed a three-year framework agreement for the supply of Kempower’s DC fast-charging technology to the APM Terminals network. The agreement supports APM Terminals’ plan to reduce carbon dioxide emissions by using battery-powered container handling equipment and renewable energy. APM Terminals, part of the A. P. Moller – Maersk Group, operates flexible and efficient container terminals in 35 countries worldwide.

According to the agreement, Kempower’s high-power charging infrastructure will be installed over the next three years at port terminals within APM Terminals’ global network.

The first three pilot projects have already been launched to accommodate electric vehicles at APM Terminals Yucatán in Mexico, TM2 in Morocco, and Callao in Peru.

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I wasn’t familiar with APM Terminals before. Here is an AI summary of the company:

APM Terminals is one of the world’s largest port and terminal operators. It is a subsidiary of the Danish shipping giant A.P. Moller-Maersk, and its headquarters are located in The Hague, Netherlands.

The following information describes the company’s scale and operations:

  • Global Network: The company operates over 60 terminals worldwide and offers inland transportation and logistics services in addition to port services.

  • Financial Value: The company is estimated to be valued at over 10 billion US dollars, and its revenue is approximately 3.2 billion dollars.

  • Ownership and Background: The company was founded in 2001 and is part of A.P. Møller-Mærsk’s logistics and transportation division.

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Did the last major grocery chain operating in its home country just fall, and now 100% of them are using Kempower chargers?

Kempower units have appeared at a Lidl parking lot in Lahti:

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More good news from across the pond! Blink Charging is building 12 new charging sites in addition to the 2 already constructed.

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An official press release has now been issued regarding this depot, which opened in March:

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More posts related to that… it’s not exactly a miracle that chargers are being installed in a single store’s parking lot… But Schwarz Gruppe is no small shop, and their distribution center infrastructure across Europe is quite massive. It’s a big deal that Kempower has managed to supply their gear here…

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Just think about how many Lidl parking lots have a (usually) broken, single ABB 50 kW unit standing there… and not just in Finland, but across Europe in general. In the UK and France, they have already started replacing these chargers with newer ones, and this trend is bound to reach here and the rest of Europe as well.

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Average revenue growth target of 15–25% per year (CAGR) and a 10–15 percent operational EBIT margin target by 2030, based on an estimate that the DC fast charging market will double to over 10 billion euros in size.

Kempower is today publishing its updated strategy — Kempower 2.0 — as well as new long-term financial targets for the years 2026–2030. Through this strategy, Kempower is evolving from a European hardware-centric operator into a balanced global lifecycle leader in DC fast charging. The goal is to be positioned among the three leading market players by 2030.

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Sami Teininen joins Kempower from Fastems, where he served as Chief Information Officer (CIO) responsible for global IT strategy, governance, cybersecurity, data and analytics, and digital transformation. Prior to Fastems, he held several IT leadership positions at Nokian Tyres, where he was responsible for global IT operations, service management, and extensive IT and process development programs, as well as serving in IT management roles in North America.

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Didn’t this use to be 14 billion? Implicit growth has dropped from ~28–30% to about 22%.

The most significant concrete change was a relaxation: the old target was €750 million in revenue in the medium term (2026–2028) and a 10–15% margin. Today, this was replaced by a 15–25% CAGR for 2025–2030 and the same margin range by 2030 — meaning the concrete euro-denominated revenue target was removed and replaced with a wide growth range, the midpoint of which (~€625M in 2030) is actually below the old €750M target and pushed two years further out. And the market figure changed from €14bn (EU+NA) → €10bn+ (EU+NA+APAC). This is not a positive surprise — it’s a recalibration, and partly downwards.

Nevertheless, I’d rather take this new Kempower 2.0 with clearer guidelines and focus. Tomorrow we’ll see if Bhasker “does an Elon” and, along with his team, talks the share price up despite the lowered targets. There’s already a good rise in the base, though.

Personally, I’m most looking forward to Katri’s and Jussi’s segments.

Also, will we get information about the new CTO, or are they still searching for the right rockstar?

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Here are Kassu’s comments regarding Kempower’s updated strategy and new targets. :slight_smile:

Kempower published its updated strategy and new financial targets for the years 2026–2030 on Monday. The company aims for a 15–25% annual revenue growth (CAGR) and a 10–15% operative EBIT margin by 2030. The targets and strategic priorities, such as geographical diversification and growing the service business, are in line with our previous expectations. The company is hosting a Capital Markets Day tomorrow, where it will present its updated strategy in more detail.

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Yle’s article on the increasing prevalence of electric trucks and vans. From Kempower’s perspective, this development is very positive.

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The first Mega satellites have also been installed in Finland. :orange_heart::ok_hand:t3: Or were these the second ones? I think the first ones were at Mäkipeura in Tervola…

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This is what we’ve been waiting for! A new satellite is coming. Even better UI, better branding, and above all, faster installation!

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Kempower panostaa lisää Aasiaan strategian mukaisesti.

"As investment dynamics shift, CPO strategies are evolving from rapid expansion to more disciplined, performance-driven growth, with greater focus on site quality, optimal configurations, and clear pathways to return on investment (ROI).

In Malaysia, Kempower is working closely with local partners to support the development of a robust charging network that balances performance, cost efficiency, and scalability, including improving reliability and supporting long-term infrastructure planning.

As part of its ongoing engagement, Kempower recently hosted a media and creator briefing in Kuala Lumpur, sharing insights into charging trends, regional expansion plans, and the importance of aligning infrastructure strategies with real-world driver behavior.

The session underscored the need for stronger collaboration across public and private sectors to build a resilient and future-ready ecosystem that supports Malaysia’s sustainability ambitions.

With its continued expansion in the region, Kempower remains committed to powering the transition toward cleaner mobility, making charging more accessible, efficient, and reliable for all, while enabling operators to build sustainable and profitable networks."

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In the CMD, it seemed that Kempower does not consider South America as one of its market areas. I wonder why? A zero-tariff trade agreement with the EU was also just finalized. Perhaps they are lagging a bit behind in electric vehicle adoption. Attached is a response from Claude regarding the situation.

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It’s likely a matter of focus. Kempower is currently in a situation where it needs to turn the heavy investments of recent years into profit (targeting a 10–15% EBIT margin). Expanding into too many new and emerging markets simultaneously would overstretch management, supply chains, and sales resources. Capturing the US and APAC regions requires all their attention right now. Additionally, China already has a massive presence in the South American markets.

Work in the APAC countries seems to be further along, and the market suits Kempower better than South America.

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