Spanish electric vehicle charging company Zunder announced today a €100 million investment from sustainable investment manager Mirova, aimed at expanding the startup’s ultra-fast EV charging station network across Southern Europe.
The investment comes amidst rapid growth in the electric mobility market in Europe, which has seen a 238% jump in electric car sales in 2022 compared to 2021. Spain specifically has a target to reach over 5 million EVs by 2030, up from about 300,000 currently, reflecting the need for a robust fast-charging public infrastructure in the country, as 70% of Spanish households do not have access to private off-street parking.
Zunder’s has announced an ambition to own and operate over 4,000 charging points and to manage over 40,000 through its platform by 2025 with a capex plan of over €300 million over that period.
Daniel Perez, Zunder’s CEO said:
“Zunder is changing the way we move. Our mission to expand ultra-fast charging is critical to enable seamless EV adoption in Southern Europe. We are delighted, and will propose it to our shareholders, to welcome Mirova as a shareholder in this deal, reaffirming our vision, strategy, business model and values, paving the way for Zunder’s multi-billion deployment plan over the next decade.”
Mirova’s €100 million equity investment was made through its fifth energy transition-focused infrastructure fund, Mirova Energy Transition 5 (MET 5). The investment follows Mirova’s announcement in September that it had raised €1.6 billion for the fund, which invests in areas including the renewable energy and low-carbon mobility sectors.
Witold Marais, Investment Director at Mirova added:
“The decarbonation of mobility and transportation is critical to the net zero pathway, and it is therefore core to our investment strategy. Having been involved in the EV charging infrastructure space since 2019, we value Zunder’s positioning, premium quality service, and ambition to become a leading fast-charging network operator across Southern Europe.”