Driveco secures €250 mn in funding from APG to expand in Europe
Driveco, a French electric vehicle charging company, has announced a €250 million fundraising round from APG, one of the world’s largest institutional investors. The investment represents the most significant funding round in France’s charging infrastructure sector.
Driveco, founded in 2010, operates the second-largest public charging network in France, with over 8,000 charging points either operational or under construction. The company initially focused on developing and managing charging stations for third parties – hence why it may appear unknown – but shifted its strategy in 2020 to own its charging points. As part of this shift, Driveco financed, installed, and operated over 600 stations on Carrefour Market parking lots, facilitating the electrification of 3,000 parking spaces, as reported.
Committed to European deindustrialization, as the company puts it, Driveco manufactures its 22kW chargers on a production line in Angers and sources high-power chargers of 50kW, 150kW, and 300kW from European suppliers.
In 2022, Driveco tripled its revenue, reaching €25 million. Driveco’s objectives for 2030, as agreed in this latest investment plan, include strengthening its presence in France, expanding with over 60,000 charging points in seven European countries, and consolidating its technological strategy to enhance the customer experience. Driveco plans to double its workforce by 2025 (up from 100 today) to achieve these goals.
The collaboration with APG, the largest pension provider in the Netherlands, is expected to accelerate Driveco’s growth. APG has been an active infrastructure investor since 2004, and its investments include assets within energy and utilities, telecommunications, and transport infrastructure.
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Driveco’s existing shareholders, Mirova and Corsica Sole, will retain their majority stake.
Witold Marais, Investment Director at Mirova, said they were pleased to have APG onboard to support Driveco in its next growth phase. “We are excited about the next years to come and to keep working alongside Driveco’s management on making the company a reference European player.”
Arjan Reinders, Head of Infrastructure Europe at APG, also expressed delight over the partnership. He recognizes the significance of this investment for APG and its pension fund clients ABP and PPF in their efforts to reduce carbon emissions globally and support the development of energy transition infrastructure.
The fundraising round is subject to regulatory approvals and is anticipated to be completed in the first half of 2023.
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