Tuesday, February 27, 2024
HomeFunding Fast-Charging EV Network Electra Secures €304 Million in Funding

[Fundng alert] Fast-Charging EV Network Electra Secures €304 Million in Funding

Fast-Charging EV Network Electra Secures €304 Million in Funding. In just three years, the company has raised around €600 million in funding to establish one of the first charging networks in Europe.

Fast-Charging EV Network Electra Secures €304 Million in Funding. In just three years, the company has raised around €600 million in funding to establish one of the first charging networks in Europe.

In the charging industry, this €304 million fundraising effort is the biggest in France and the second-biggest in Europe. By 2030, there should be close to 30 million electric cars on European roads.

Read also – Oslo-based proptech Startup Plaace Raises €885k in Funding

This funding round is being led by PGGM, a Dutch pension fund service provider. This time, Bpifrance also invests in Electra’s money through its Large Venture fund. This round includes participation from historical investors, including Serena, RIVE Private Investment, Eurazeo, and the SNCF group.

Leading public and private investors, including Ademe Investissement, Eiffel Investment Group, RGreen Invest, Frst, Allianz, Groupe Chopard, and Altarea in France, as well as EIP in Switzerland, RATP Capital Innovation, Caisse des Dépôts et Consignation/ Banque des Territoires, and others, provide financial support to Electra.

Read also – London-based Fintech Company Carmoola Secures 15.5M in Equity Funding

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.”

About Electra

Electra, a recent addition to the French Tech Next40, is the leading pure-player in France for quick electric vehicle charging. With the specific goal of promoting the use of electric vehicles by creating a large, quick, and efficient network of charging stations, the company installs and manages fast charging stations.

Read also – Berlin-based Startup Pliant Raises €8 Million in Series A Round Funding

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular