This week, fast-charging EV network Electra announces a fundraising of €304 million, entirely in equity, a record amount in the charging sector. The company has raised nearly €600 million in capital in 3 years to deploy one of the first charging networks at the European level.
This €304 million fundraising is the largest in France and the second-largest in Europe in the charging sector.
Electra's fast chargers run on 100 percent proprietary technology. A team of 180 experts, including 40 software engineers, works daily to facilitate user charging.
The company is experiencing fast and sustained growth, present in France, Germany, Belgium, Luxembourg, Italy, Switzerland, Austria, and Spain, with nearly 1,000 charging points already deployed.
Nearly 30 million electric vehicles are expected to be on European roads by 2030. This fundraising now allows Electra to realize its ambition of installing 15,000 charging points by 2030 in Europe.
The Dutch pension fund service provider, PGGM, leads this funding round. Bpifrance, through its Large Venture fund, also enters Electra's capital on this occasion. Historical investors, especially Eurazeo, RIVE Private Investment, the SNCF group, and Serena participate in this round.
Electra moreover benefits from the financial support of leading public and private investors such as EIP in Switzerland, RATP Capital Innovation, Caisse des Dépôts et Consignation/ Banque des Territoires, Ademe Investissement, Eiffel Investment Group, RGreen Invest, Frst, Allianz, Groupe Chopard and Altarea in France.
Dennis van Alphen, Head of Infrastructure Investments at PGGM, explains:
“PGGM Infrastructure Fund fully supports Electra's ambition to become a pan-European player in the market of (ultra)fast charging facilities for EVs.
The enterprise has excellent management and a strong position with good locations in a dynamic market expected to grow rapidly in Europe in the coming years.
This investment in Electra offers our clients, including Pensioenfonds Zorg en Welzijn (PFZW), an excellent and predictable long-term return.”
Melissa Cohen, Managing Director, Infrastructure at Eurazeo, declares:
“We are thrilled by this landmark transaction for Electra, which marks the entry of a prominent investor - Dutch pension fund PGGM - along with French investor BPI.
This investment will further drive the company development to become a pan-European, fast charge leader, whilst offering state-of-the-art user experience.
We are proud to continue supporting the growth of Electra and contributing to a low-carbon economy by fostering the adoption of electric vehicles, which is fully in line with our continued focus on ESG and sustainability.”
Aurélien de Meaux, co-founder and CEO of Electra, adds:
"This fundraising will allow Electra to become one of Europe's leaders in fast charging.
The support from PGGM, a leading and long-term European investor, and the renewed trust of historical investors like Eurazeo, will enable us to strengthen our network and increase investments to continue expanding our coverage.
The transition to electric mobility is a key aspect of the energy transition, with the transportation sector being the largest CO2 emitter in France.
We are creating a very easy network, making the transition to electric vehicles desirable and not a constraint."
Lead image: Electra. Photo: uncredited.