Bel Acquires a Stake in innolectric AG, Further Enhancing Its Position in the Rapidly Evolving EV On-board Charging Market for Commercial Vehicles
February 06 2023 - 9:00AM
Bel Fuse Inc. (“Bel,” or, “the Company”)
(Nasdaq:BELFA and Nasdaq:BELFB), a leading supplier of products
that power, protect and connect electronic circuits, today
announced that the Company has entered into an agreement and closed
on a minority stake investment with Germany-based innolectric
AG (“innolectric”). This passive investment will create a strategic
alliance that is focused on Electric Vehicles (“EV”) on-board power
electronics broadly, but specifically on next generation fast
charging technology.
innolectric was founded in 2016 through a closely held ownership
group to be a platform-based business in the field of power
electronics for eMobility and in particular the on-board
fast-charging for commercial vehicles. With its talented
engineering team, innolectric focuses its efforts on development
and launching its products.
innolectric shareholder, Dr. Roger Uhlenbrock commented “as an
early-stage company with a great proven product, and a more notable
pipeline of new developments, we are excited to partner with a
leader in the EV space.” CEO of innolectric, Tim Karcher said “our
focus to date has been on product development and we look forward
to leveraging Bel’s solid reputation, customer base and global
reach to introduce our products to new customers. With outsourced
manufacturing and procurement functions and an undeveloped sales
team, we believe Bel’s capabilities will be additive in these areas
to us.”
Bel Fuse CEO Dan Bernstein noted “EV has been a target growth
area for Bel and we are excited to accelerate growth through this
partnership with innolectric. With no product overlap, this
complementary relationship will expand the Bel eMobility Power
portfolio, allowing us to stay ahead of the competition with next
generation fast charging technology, and cement our reputation as
the go-to supplier in this space. innolectric has terrific
engineering talent for both hardware and software development. They
have an impressive list of customer relationships for an
early-stage company which is a testament to its technology. Bel
looks forward to partnering with the ownership group and its CEO
Tim Karcher to rapidly scale innolectric.”
As part of the investment, Bel will have usual minority
protection rights and the option to further expand its 1/3
ownership stake upon the achievement of key milestones.
Stephens Inc. acted as exclusive financial advisor to Bel, and
METIS Rechtsanwälte PartG mbB served as legal advisor.
About BelBel (NASDAQ: BELFA and BELFB) designs,
manufactures and markets a broad array of products that include
circuit protection, connectors, cable assemblies, discrete
components, magnetics and power supplies. The Company serves a
global market and operates facilities around the world.
Company Contact:Farouq Tuweiq Chief
Financial Officer ir@belf.com
Investor Contact:Three Part AdvisorsJean Marie
Young, Managing Director or Steven Hooser, Partner631-418-4339
Media Contacts:Bel Fuse, Inc. Kelly
WiggintonKelly.Wigginton@belf.com
PublitekZach Hynoskizach.hynoski@publitek.com
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