ZES runs around 2.000 EV stations across Turkey, Turkish Republic of Northern Cyprus (KKTC) and Montenegro
Kuwait Investment Authority (KIA) acquired Zorlu Energy Solutions (ZES) for USD50 million. ZES is a electric vehicle charhging company, a subsidiary of Zorlu Energy and Zorlu Holding, announced that KIA would gain the full shares of the company, according to the release at Public Disclosure Platform (KAP).
Here are the details about the acquisition:
-ZES was launched in 2018 to meet the charging needs of electrical vehicles in Turkey.
-ZES offers brand-agnostic charging solutions, including Audi, BMW, FIAT, Ford, Kia, MG, Tesla and many more.
-ZES has two options for charging: AC and DC, which AC offers a slower charging and the latter has a faster charging.
-I noticed AC charging can take up to 7 hours with 80% capacity, depending on the vehicle. As for DC charging, some models can take 25 minutes for 80% battery capacity, depending on the vehicle.
KIA’s assets exceed USD700 billion
-The recent numbers at ZES’ website reveal that the company operates 1913 EV charging stations across Turkey, Turkish Republic of Northern Cyprus (KKTC) and Montenegro.
-Here are the latest prices at ZES: For AC type 2 sockets: TL7.8/kWh For DC: TL9.8/kWh (USD fluctuates against TL and nowadays USD1=TL18.5)
-Kuwait Investment Authority (KIA) was established in 1982 and claims that the world’s first sovereign wealth fund, according to kia.gov.kw. KIA’s story can be traced back to 1953, to the launch of Kuwait Investment Board.
-KIA’s assets cover USD708 billion, according to Sovereign Wealth Fund Institute (SWFI).