In a striking advancement for Europe's electric vehicle (EV) infrastructure, Electra has secured a remarkable €304 million in equity funding, marking it the most significant fundraising round in France's charging sector and the second-largest in Europe. This substantial financial boost has raised Electra's total capital to nearly €600 million over three years, earmarking it as a pivotal player in establishing a comprehensive EV charging network across the continent.
Electra's latest fundraising feat, primarily equity-based, sets a new benchmark in the charging industry, underscoring the company's robust financial trajectory and burgeoning presence in the EV sector. With a network foundation already laid out in multiple European countries, including France, Germany, Belgium, Luxembourg, Italy, Switzerland, Austria, and Spain, Electra has deployed nearly 1,000 charging points to date.
Integral to Electra's success is its unwavering commitment to innovation, reflected in its use of 100% proprietary technology. The company's formidable team, comprising 180 specialists and 40 dedicated software engineers, tirelessly enhances users' charging experience.
The vision for Europe's EV future is ambitious, with an estimated 30 million electric vehicles expected on its roads by 2030. Electra's recent financial windfall is a significant step toward realizing its audacious goal of installing 15,000 charging points across Europe by the end of this decade.
PGGM, a prominent Dutch pension fund service provider, is leading the funding round. Bpifrance is also joining the fray through its Large Venture fund. This funding round witnessed support from historic investors like Eurazeo, RIVE Private Investment, the SNCF group, and Serena, further solidifying Electra's financial foundation.
Electra's growth and development have been bolstered by the backing of leading public and private investors, a testament to its burgeoning influence in the EV sector. These supporters include EIP in Switzerland, RATP Capital Innovation, Caisse des Dépôts et Consignation/Banque des Territoires, Ademe Investissement, Eiffel Investment Group, RGreen Invest, Frst, Allianz, Groupe Chopard, and Altarea in France, each contributing to Electra's ambitious vision for a greener, more connected Europe.
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 of 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's development to become a pan-European fast-charge leader while 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 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."