Funding

[Funding alert] Energy Transition Company Plenitude Secures €500 Million in Funding

Dec 22, 2023 | By Startup Rise EU

Plenitude, an energy transition company, secures funding of €500 million from Energy Infrastructure Partner. Additionally acquiring a minority stake in Eni energy transition company Plenitude.

Plenitude, an energy transition company, secures funding of €500 million from Energy Infrastructure Partner. Additionally acquiring a minority stake in Eni energy transition company Plenitude.

Read also - Paris-based Kosmik Raises €3.7 Million in Seed Funding

In 2021, Eni introduced Plenitude. It provides a diversified platform by merging retail services for households and companies, electric vehicle charging stations, and renewable energy creating assets.

With about 20,000 electric vehicle charging stations and approximately 3 gigawatts of installed carbon-free generation capacity, Plenitude serves about 10 million retail customers in Europe and has operations in 15 other countries.

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The company plans to raise its installed renewable power capacity to 7 gigawatts by 2026, reach 30,000 charging points, and nearly triple its earnings before interest, taxes, depreciation, and amortisation (EBITDA) to €1.8 billion by 2026.

According to Roland Dörig, EIP founder and managing partner: “Eni is one of the few companies with the size, track record and expertise to make a mega-scale contribution to the global energy transition. We are excited to work with Eni as a partner to continue building on Plenitude’s impressive growth story and support Eni’s drive to create value for shareholders while contributing to the global energy transition.”

Stefano Goberti, CEO of Plenitude shared: “We are glad to have completed this transaction with EIP, whose expertise in the energy transition and renewables industry is recognised internationally. As a partner, EIP will help support Plenitude’s growth strategy to achieve carbon neutrality by 2040.”

About Plenitude

Controlled by Eni, Plenitude is a company that operates on the market with a unique business strategy that combines energy sales, renewable generation, energy solutions, and a vast network of electric vehicle charging stations.

Read also - Copenhagen-based Podimo Secures €44 Million in Funding

With the goal of reaching over 11 million customers by 2026, Plenitude provides energy to almost 10 million retail clients in Europe. In addition, the company has 2.5 GW of operating renewable power under its portfolio. By 2026, it hopes to have over 7 GW built, and by 2030, over 15 GW.

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