French EV charging firm, Driveco, has secured a massive €250 million in funding from Dutch pension fund manager, APG, which is one of the world’s biggest institutional investors. With this latest funding, Driveco has completed its second funding round and it represents the largest investment in the electric vehicle charging point sector in France. The company’s existing shareholders, Mirova and Corsica Sole, will still retain their majority stake in the company’s capital.
Largest funding round for an EV charging startup
The investment will enable the company to expand its own charging stations and hasten its internationalisation strategy. Driveco plans to double its workforce by 2025, mainly in its technological and product teams, and further develop its technological innovations to enhance customer experience. This is the largest funding round for an EV charging point company in France and marks Driveco’s second funding round.
Ion Leahu-Aluas, CEO of Driveco, stated: “This fundraising round marks a new chapter of growth for Driveco, supported by APG, a renowned and experienced international investor. To tackle the climate emergency, it is essential to decarbonise the transportation sector by promoting the widespread adoption of electric cars.”
Arjan Reinders, Head of Infrastructure Europe at APG, added: “We are delighted to partner with Driveco and its shareholders on this exciting project. This investment represents another milestone for APG and its pension fund clients ABP and PPF to significantly reduce carbon emissions worldwide and support the development of infrastructure solutions for the energy transition. We intend to support Driveco’s growth by investing capital and support the Company’s continuous efforts towards achieving best-in-class Environmental, Social, Governance (ESG) standards. Alongside Corsica Sole and Mirova, we are looking forward to working with Driveco’s management team to support them in their pioneering vision.”
Witold Marais, Investment Director at Mirova, added: “We are pleased to have APG onboard to support Driveco in the next phase of its growth. The Company has established itself as the leading independent charging point operator in France, experiencing stellar growth while maintaining the highest level of reliability, innovation, and operational excellence. We are excited about the next years to come and to keep working alongside Driveco’s management on making the company a reference European player.”
Second largest EV charging network in France
Founded in 2010 by Ion Leahu-Aluas in France, Driveco specialises in building and operating EV charging stations. The company offers a range of charging solutions for different types of locations, including public spaces, businesses, and private homes.
Driveco’s charging network includes both AC and DC chargers, with power outputs ranging from 3.7 kW to 350 kW, enabling fast charging for all types of electric vehicles. It also provides a range of services, including installation, operation, and maintenance of charging stations, as well as billing and payment processing.
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 focusing its business on developing and operating charging stations for third parties, the company began in 2020 a strategic shift to own its charging points. It finances, installs and operates over 600 charging stations located on Carrefour Market parking lots, enabling the electrification of 3,000 parking spaces.