Electra, a Paris-based company specializing in fast charging for electric vehicles (EVs) announced today that it has raised €160 million in equity financing aimed at enabling the company to scale its network in France with fast charging points open to the public, and to expand in Europe.
Founded in 2021, Electra aims to deploy a fast-charging network to help resolve one of the main obstacles to EV adoption. The company’s app analyzes a clients’ vehicle, the availability and power of nearby charging stations and recommends the best charging options. Electra’s objective is to deploy 300 charging points by the end of 2022, 600 by the end of 2023 and more than 8,000 by 2030.
Aurélien de Meaux, Electra’s CEO, said:
“Our main objective is to propose to end users a top-notch charging experience, combining the best infrastructure with state-of-the-art digital tools. In order to support EV penetration, we must offer innovative solutions improving the customer experience. In addition, Electra’s team and I are proud and happy to support the transition to a low carbon economy.”
The financing, which is the largest achieved by a French company in the fast-charging sector, was led by global investing group Eurazeo, and saw participation from RGREEN Invest, RIVE Private Investment, Serena, the Chopard Group, the SNCF Group (574 Invest) and RATP Capital Innovation.
According to Eurazeo, by supporting the decarbonization of the transport sector, the investment will help avoid 550,000 tons of CO2 emissions by 2026.
Melissa Cohen, Managing Director, Infrastructure, Eurazeo, said:
“We are thrilled to become a cornerstone investor in Electra, which is developing a public electric vehicle fast charging network. Electra will contribute by helping to remove barriers to the adoption of electric vehicles, building high-quality and efficient infrastructure, available to all. We have been impressed by Electra’s achievements so far. Its large and experienced team of EV charging experts and its differentiated product offering (hardware and software) allow for a smooth and efficient customer experience.”