Electric Vehicle (EV) sales are booming all over the world, and it has been estimated to reach a sales market share of 25% by 2030, which is much higher than a meagre 3% in 2020. However, one of the major hindrances in the fast adoption of EVs is the insufficient charging infrastructure, which is a top concern of buyers. While China is the frontrunner in EV adoption as per a Dealroom report, Europe is planning to support the same by financing up to one million charging points.
As per research, the European EV charging stations market is predicted to reach a value of $61.73 billion by 2029 during the forecast period between 2022 and 2029. In Europe, France, Germany, the Netherlands, Norway, and the UK are said to be the top five countries in the adoption and the development of EV charging infrastructure.
With increased activity in this segment in recent years, there is more investment in startups working towards implementing a widespread EV charging network. Recently, we saw a Danish EV charging platform Monta and Elinta Charge, a Lithuanian developer and manufacturer of EV charging solutions receive decent funding. Now, TFN has compiled a list of ambitious EV charging station startups in Europe that want to remove the mile anxiety that prevails among users and accelerate the adoption of EVs commercially.
Bump (France)
Founder/s: François Oudot, Francis Paradis
Founded year: 2020
Total funding: NA
Bump is a French startup operating with a multi-year financing partnership with DIF Capital Partners and works with big construction companies to install EV charging stations. The company has its own software stack and a team to remotely monitor charging stations. Bump funds and manages the installation of new charging stations. Their clients include retailers, malls, hotels, and various companies that own parking spaces. Further, logistics companies and other B2B clients that need to switch to electric vehicles also use Bump.
In a recent development, Bump also secured an equity and quasi-equity $180 million deal that will be unlocked from 2022 to 2030. Having created 300 charging stations already, the company plans to ship 2,000 more charging stations by the end of next year.
ZePlug (France)
Founder/s: Frédéric Renaudeau
Founded year: 2014
Total funding: $5.5M
ZePlug is another French startup specialising in electric vehicle charging services in multi-occupant and office buildings. The company finances and owns the charging infrastructure in buildings while charging a fixed monthly subscription fee to its customers. This pioneer in electric charging also offers a tailor-made solution for companies, which provides on-site or at-home recharging for employees to meet the aims of decarbonising auto fleets.
Earlier this week, ZePlug announced financing of €5 million with the ICG infrastructure fund in an investment partnership. With this, the company focuses on a different market with partnerships with residential and office buildings.
Greenway Infrastructure (Slovakia)
Founder/s: Aaron Fishbone, Juraj Ulehla, Peter Badik
Founded year: 2011
Total funding: NA
Headquartered in Slovakia, Greenway Infrastructure builds and manages electric vehicle charging infrastructure throughout Central and Eastern Europe. The company works with people, companies, organisations, and governments to develop and expand the electromobility ecosystem. It integrates into an energy system based on renewables, distributed prosumers, smart grid and energy storage applications.
Earlier this year, the charging infrastructure provider primarily in Poland and Slovakia secured €85 million and signed a funding agreement with Helios Energy Investments and Generation Capital (GC). The money is to be used for the further expansion of GreenWay’s charging station network.
Fastned (Netherlands)
Founder/s: Bart Lubbers, Michiel Langezaal
Founded year: 2012
Total funding: NA
Fastned, based in Amsterdam, manufactures charging stations and offers charging solutions to electric transportation through solar and wind energy. The company serves customers in Europe with the goal to offer 1,000 fast charging stations in prime locations, where all-electric vehicles can charge with renewable energy from the sun and wind. Fastned specialises in developing and operating fast charging infrastructure where drivers can charge their electric vehicle with up to 300 km of range in 15 minutes.
In June this year, the fast-charging company raised nearly €23 million with the issue of new bonds. The investors have extended over €7 million worth of investments from earlier issues, bringing the total issued amount in this round to nearly €30 million.
IONITY (Germany)
CEO: Michael Hajesch
Founded year: 2017
Total funding: $825M
IONITY makes long-distance travel with electric vehicles the new normal with its High Power Charging (HPC) network installed along European highways. The network uses state-of-the-art technology with a charging capacity of up to 350 kW. Every IONITY charging station consists of an average of four charging points and these chargers deliver 100% renewable energy for both emission-free and carbon-neutral driving.
Being a joint venture by BMW Group, Mercedes Benz AG, Ford Motor Company, Hyundai Motor Group and the Volkswagen Group with Audi and Porsche, IONITY scored a €700 million investment from BlackRock Global and existing shareholders to expand its footprint across Europe.
char.gy (UK)
Founder/s: Richard Stobart
Founded year: 2016
Total funding: $8.4M
char.gy is the most convenient way for drivers to charge an electric vehicle on their street. It utilises existing street infrastructure to provide two electric vehicle charging solutions – a lamppost smart charge point, and a satellite bollard smart charge point. Its goal is to solve residential EV charging for people without off-street parking, such as driveways or garages. Its first charge points for the public were installed in Marlow in May 2018.
Last year, Zouk Capital announced a £6.4 million investment into char.gy, an on-street EV charge point operator and eMSP (eMobility Service Provider), rolling out on-street residential electric vehicle charging points in the UK. The company has reportedly 1,000 EV chargers across the UK having worked with numerous councils.
Power Dot (Lisbon)
Founder/s: Luis Pinto, Afonso Ramos
Founded year: 2016
Total funding: $165M
Portuguese startup Power Dot is a public EV destination charging infrastructure operator. It invests, installs, and operates charge points in everyday high-traffic public locations. Power Dot will help the adoption of EVs by providing affordable and sustainable fast-charging stations in key public locations throughout Europe.
A few months back, the EV charging operator Power Dot grabbed €150 million from private equity firm Antin Infrastructure Partners to triple its network of charging points in France. Currently, the startup has 2,500 charging points in France across shops and hotel car parking slots and intends to grow its network to over 7,000 points by 2025.
Nyobolt (UK)
Founder/s: Clare Grey, Kent Griffith, Sai Shivareddy
Founded year: 2020
Total funding: $89.9M
Nyobolt, the 5-mins charging, Cambridge-based battery technology startup develops high-power battery technology to serve automotive applications. The company is said to be working on a technology that will allow batteries to be charged to 90% capacity in less than five minutes. Also, it will focus on improving power and durability tenfold.
In July this year, Nyobolt picked up £50 million in Series B funding led by H.C. Starck Tungsten Powders to help the company scale its battery manufacturing for industries, including automotive and home appliances.
Trojan Energy (UK)
Founder/s: Ian Mackenzie, Hugh Mackenzie, Ashley Thomson, Sandy Thom
Founded year: 2016
Total funding: $8.3M
A Scottish clean energy startup Trojan Energy develops unique technology to power on-street charging points for electric vehicles. The company aims to provide cheap and immediate green energy at up to 22kW via charge points. Recently, the company started trials of its technology in London.
Last year, Trojan Energy raised £2.2 million in late seed funding led by Scottish angel investors Equity Gap alongside participation from Scottish Enterprise, SIS Ventures, and Aberdeen-based angel investors Alba Equity to make EV charging available for all.
