The European EV fleet is set to grow significantly due to the prohibition of new internal combustion engine car sales from 2035. It is imperative that the charging infrastructure rapidly expands to accompany this growth, as nearly 30 million electric vehicles are expected to ply on the European roads by 2030.
Raises €304M equity investment
French EV fast-charging network Electra supports this transition to cleaner vehicles by deploying fast, reliable, and user-friendly charging stations. Now, the startup has picked up €304 million in equity investment.
The round is led by a new investor, PGGM, a Dutch pension fund service provider, among the largest asset managers in Europe, through the “PGGM Infrastructure Fund.” Also, existing investors, including Eurazeo (backed Dance and Corti) RIVE Private Investment, the SNCF group through 574 Invest, and Serena, backed this round. Bpifrance also participated in the round through the Large Venture Fund.
With this, it has raised nearly €600 million in three years. The latest fundraising is the largest in France and the second largest in Europe in the charging sector.
Electra also saw the financial support of leading public and private investors such as EIP in Switzerland, RATP Capital Innovation, Caisse des Dépôts et Consignations/ Banque des Territoires, Ademe Investissement, Eiffel Investment Group, RGreen Invest, Frst, Allianz, Groupe Chopard and Altarea in France.
Ambitious goal by 2030
Founded by Aurelien de Meaux, Augustin Derville, and Julien Belliato in 2021 in France, the EV fast-charging network Electra builds both physical charging stations for drivers to plug in their cars and software to support the charging process. It makes it possible for users to download the app to book their spot and payment platforms.
Alongside partnerships with private companies like supermarkets, restaurants, hotels, or parking lots, Electra has deployed 1,000 charging points in eight countries, including France, Germany, Belgium, Luxembourg, Italy, Switzerland, Austria, and Spain. Across these charging points, it has recorded nearly 100,000 charging sessions per month.
With this fundraising, Electra plans to install 2,200 stations with 15,000 charging points by 2030 in Europe and develop numerous services with the ultimate goal of making charging as simple as refueling with gasoline but much more user-friendly.
Notable partnerships
The company has also formed numerous strategic partnerships with recognised players, including Indigo, VINCI Autoroutes, Altarea, AccorInvest, Louvre Hôtels Groupe, the Delhaize group, Toulouse Blagnac Airport, InVivo, Groupe Chopard, Stellantis, G7, Bolt, Europcar, Sixt, Honda, MG, and Hertz.
Dennis van Alphen, Head of Infrastructure Investments at PGGM, said: “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 very dynamic market that is 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, of Infrastructure at Eurazeo, added: “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 Bpifrance. This investment will further drive the company’s development with the aim of becoming a pan-European, fast-charge leader, whilst offering a 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 ESG and sustainability focus.”
Aurélien de Meaux, co-founder and CEO of Electra, added: “This fundraising will allow Electra to become one of the leaders in fast charging in Europe. 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 network that is very easy to use, making the transition to electric vehicles desirable and not a constraint.”
