Q3 2025 is firmly marked by the rise of e-mobility. With nearly 250,000 newly registered electric vehicles in Germany in the first half of the year (+35% YoY), demand has reached a record level.
A key example is battery and charging infrastructure thermal management. Without efficient cooling, fast-charging performance cannot be safely achieved, and battery lifespan is significantly reduced. In this context, the acquisition of innovatek OS GmbH by Addtech AB (September 2025) illustrates how specialized German suppliers are increasingly attracting international investors.
Valuations reflect this trend: while traditional automotive suppliers face pressure, companies focused on e-mobility and efficiency technologies achieve higher multiples. Specialists in thermal management technologies, such as innovatek in liquid cooling, cover critical value-added stages in e-mobility and therefore command above-average valuation multiples.
For German SMEs, three implications stand out: strategic relevance of niche technologies, political support via EU programs, and a clear sustainability link (FTSE category E2.4).
Thermal management is thus becoming a central lever in e-mobility, and transactions like the sale of innovatek set the benchmark for future M&A activity in the mid-sized industrial sector.
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