A $300 million+ Series B financing in equity is rare. However, Paris-based firm Electra received $330 million (€304 million) in Series B.
Electra builds electric car charging stations in France and other European nations. The firm now has 172 operational charging stations (with multiple charging points) and is putting out 105 more.
These 172 stations total over 1,000 charging outlets. Supermarket parking lots, hotel fronts, and interstate rest zones are common locations. At Toulouse airport, the business is building charging stations with a partner.
Electra’s concentration on fast-charging stations sets it apart from other EV charging networks. The firm developed its software stack in-house to make its app interact with its charging stations.
This unlocks cool features. For instance, Electra monitors its charging stations live. Drivers can be confident there’s a place while approaching a charging station.
Additionally, clients may book a charging port in advance if there are just a few. In France, Electra charges €0.39–€0.52 per kWh, depending on charging speed.
EV charging networks are costly to create. More charging stations will be installed with this financing. By 2030, Electra hopes to install 15,000 charging outlets at 2,200 stations.
Dutch pension fund service provider PGGM and Bpifrance’s Large Venture Fund are spearheading the fundraising. Eurazeo, RIVE Private Investment, SNCF via 574 Invest, and Serena return.
Remember that EIP in Switzerland, RATP Capital Innovation, CDC’s Banque des Territoires, Ademe Investissement, Eiffel Investment Group, RGreen Invest, Frst, Allianz, Groupe Chopard, and Altarea previously invested in Electra. Electra’s capital table includes several large infrastructure and governmental financial entities.
Electra competes with German EV charging firm Ionity, which garnered €700 million two years ago. NA EVPassport raised $200 million and is another EV charging pure participant.
These infrastructure businesses raising equity rounds are intriguing. Startups with large cash needs seek credit lines from financial partners to launch their ventures. However, infrastructure funders may desire a share in EV charging firms.
