Parisian EV charging company Driveco has raised €250 million in a new funding round. The investment is the largest to date in the EV charging point sector in France and marks the company’s second onboarding of capital.
The €250 million arrives via Dutch pension fund manager APG, while existing shareholders Mirova and Corsica Sole will retain their majority stake in the company’s capital.
Starting out life in 2010 as a spinoff from solar energy developer Corsica Sole, Driveco operates the second largest French electric vehicles charging network open to the public, with over 8,000 charging points in operation or under construction.
Initially, the plan was to develop and operate charging stations for third parties, but like many things in 2020, the company shifted gears, skipping the middleman and going straight to the taps themselves. In France, the most visible evidence of this shift is via the installation and operation of more than 600 stations located on Carrefour Market parking lots, thereby plugging in the electrification of 3,000 parking spaces.
According to the company, it tripled its revenue in 2022, reaching €25 million, and now armed with a fresh €250 million, the plan is to meet and exceed these numbers.
“To tackle the climate emergency, it is essential to decarbonize the transportation sector by promoting the widespread adoption of electric cars,” said Driveco CEO Ion Leahu-Aluas. “With more than 10 years of experience in the electric charging sector, our goal is to act as a catalyst for the energy transition by responding to the urgent need for infrastructure development, notably electrification.”
Lead image: Philippe Servent