The Swiss group Landis+Gyr has announced it is withdrawing from EV charging infrastructure and will liquidate that part of the group, which affects the Škofljica-based EV charging stations maker, formerly known as Etrel and considered a leader in its field. The move puts 180 jobs at risk in Slovenia.

Landis+Gyr acquired 75% in Etrel in 2021 and the rest in April 2024, moving the company from Grosuplje to Škofljica and renaming it Landis+Gyr EV Solutions. The Slovenian company has seen strong growth in revenue over the past years.

The business was meant to become the group's hub for renewables for electric mobility. But in October, Landis+Gyr said it would review its operations in the region of Europe, Middle East and Africa (EMEA), focusing instead on the US.

Immediate halt of production and supply

"In recent weeks, the renewed executive management team has carefully reviewed the business portfolio in EMEA and current financial performance of the company. In this context, it was decided to discontinue the EV charging business and record an impairment as well as restructuring charges in relation to this decision," Landis+Gyr said on its website on 11 February.

The company expects to see between US$35 million and US$45 million in impairments and restructuring charges in the financial year of 2024, which will end in April. The EV charging business is expected to be classified as discontinued operations in the financial results for the financial year 2024.

The news portal Siol reported that Landis+Gyr informed its clients and partners that the company would immediately suspend production of EV charging infrastructure and that it would not deliver any more orders nor meet contractual obligations. It will not carry out upgrades, hardware services or repairs. It will also stop processing support requests.

Forbes Slovenia said an alleged employee shared on Reddit that the 180 staff were told the company would be liquidated, while another Reddit user added "12 hours ago, everything was golden and now this".

Rising sales but also losses

The predecessor of Landis+Gyr EV Solutions, Etrel, was started in 2016 by Miha Levstek and Borut Mehle, and quickly became one of the leading producers of EV charging infrastructure in the world. Its sales grew 25-fold between 2016 and 2021, according to Siol.

But in 2022, the company started sliding into the red despite a strong growth of sales, which surged from €6.3 million in 2020 to €20.2 million in 2023.

Between April 2022 and April 2023 it posted a loss of nearly €3 million, and the year later the figure rose to €6 million, according to the portal Ebonitete.

Chargers across Slovenia

Siol said Landis+Gyr EV Solutions covered nearly 75% of Slovenia's public electric vehicle charging market. The company managed the backend for Petrol' public charging stations, contributed to the Gremo na Elektriko programme of the Elektro Ljubljana provider, and supported the Moon brand of Porsche Slovenija, among others. It also manufactured domestic wall-mounted chargers like those sold by Petrol.

Petrol responded by saying that during the transition, measures would be taken to secure a long-term solution that ensures network stability, continued development, and high-quality service. The energy trader reaffirmed its commitment to sustainable mobility and network expansion.

Elektro Ljubljana said that while most of their chargers came from Etrel, they also used products from other suppliers - both locally and across the EU - so expanding their network should not be an issue. The company manages most maintenance by itself and has the necessary expertise and spare parts.

Porsche Slovenija likewise described the news of liquidation as surprising and regrettable, saying they were gathering all relevant information to address current customer needs and develop a new offering.