Electric vehicle fast-charging provider Electra announced today that it has raised €304 million (USD $330 million) in equity funding. The company plans to use the funds to support its goal to install 2,200 stations with 15,000 charging points in Europe by 2030.
The fundraising marks the largest in the charging sector to date in France, and the second-largest in Europe.
Founded in 2021, Paris-based, Electra aims to deploy a fast-charging network to help resolve one of the main obstacles to EV adoption. Electra’s app analyzes a client’s vehicle, the availability and power of nearby charging stations and recommends the best charging options. The company has deployed nearly 1,000 charging points and has a presence in France, Germany, Belgium, Luxembourg, Italy, Switzerland, Austria, and Spain.
Aurélien de Meaux, co-founder and CEO of Electra, said:
“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.”
The funding round was led by the Dutch pension fund service provider, PGGM with participation from Bpifrance, through its Large Venture fund, and previous investors including Eurazeo, RIVE Private Investment, the SNCF group, and Serena.
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.”