EV Charging Startup Driveco Raises €250 Million to Build Out European Network
French electric vehicle charging company Driveco announced today a new fundraising round of €250 million from Dutch pension fund manager APG, with the funding set to strengthen the company’s presence in France and Europe.
Founded in 2010, Driveco’s network of public electric vehicle charging points is the second largest in France and Belgium. While the company initially developed and operated third-party charging stations, it began to move towards its own charging points in 2020, and currently has 8,000 in operation or under construction.
Ion Leahu-Aluas, CEO of Driveco, said:
“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 decarbonize the transportation sector by promoting the widespread adoption of electric cars. With more than 10 years of experience in the electric charging sector, our goal is to act as a catalyst for the energy transition by responding to the urgent need for infrastructure development, notably electrification.”
According to the company, the funding will support three strategic directions; strengthening its territorial presence, accelerating international expansion, and consolidating its technological innovation strategy. Driveco said that it aims to open more than 60,000 charging points across seven European countries by 2030, enabling the charging of over 1.2 million vehicles per year, and avoiding 3 million tonnes of CO2 emissions annually.
Arjan Reinders, Head of Infrastructure Europe at APG, said :
“Driveco has an outstanding track record and is well positioned to become a key contributor to the electric vehicle charging infrastructure sector in France and neighbouring European countries over the coming years, leveraging its operating excellence and customer-focused approach. 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.”