Analysis, opinions and deep dives from the Incremental team, with a strong focus on EV charging and building businesses.
Mar 4, 2026 · Ole Henrik Hannisdahl
Europe's CPO market has entered consolidation: Utilities and oil majors are selling, infrastructure funds and fuel retailers are buying, and property control is becoming the decisive moat. This analysis maps likely winners, likely sellers, and when profitability can emerge as BEV-per-fast-charger density rises.
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Jul 24, 2023 · Ole Henrik Hannisdahl
Out of all the companies out there owning and operating charging networks, none are profitable, and most burn through cash at an alarming rate. Yet, we see investors and analysts pricing CPOs at up to a whopping 70 times book value. What does it take for a CPO to make money in the long run? What do we have to believe in to justify these valuations? In this article, we break down the main components of a generic CPO financial model to try to answer these questions.
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