Zunder banks €40 million loan to deploy fast charging on Spain's trans-European transport network

Zunder, a Spanish operator of "ultra-fast" EV charging infrastructure, recently inked a €40 million loan deal with the European Investment Bank to fund a charging network along Spain's section of the trans-European transport network (TEN-T).

From 2030, TEN-T will connect Europe's most important railway lines, roads, inland waterways, maritime shipping routes, ports, airports, and railroad terminals. A more comprehensive network, linking all European regions, is due to be completed by 2050.

EIB's loan, provided through the Future Mobility instrument under the Connecting Europe Facility, will allow Zunder to build ultra-fast EV chargers along Spanish routes comprising part of the future TEN-T network. The project should lead to a 1 million tonne reduction in CO2 emissions from 2023 to 2031.

Zunder aims to build and operate a total of 4,000 ultra-fast EV charging stations, in Spain, but also in other parts of southern Europe. The EIB's financial support is expected to accelerate lead times and allow Zunder to pursue a greater number of projects.

Most of the EIB-funded chargers will be located in EU cohesion regions, areas with a GDP lower than the EU's average in per capita terms. Zunder's headquarters are in one such area.

Castile and León is an EU cohesion region; its population has fallen drastically in recent decades. Despite anaemic GDP growth the region is a renewables powerhouse, reputedly producing double the amount of green energy from its wind and solar farms than across Spain nationally.

Zunder is located in Palencia, a city in the north of Castile and León's autonomous community region. Founded in 2017, the company recently closed on a €100 million investment from asset management firm Mirova.

Last year Zunder confirmed it had secured its first public tender outside of Spain, after being selected for a French contract. By 2025, it expects to have 4,000 charging points under its management, with a total of 40,000 chargers managed via its platform.