Voltera, an electric vehicle charging solutions provider, secured $100 million in debt funding. ING Capital acted as Bookrunner and, together with Investec, as Lead Arranger and Green Loan Co-Coordinator on the financing.
The funding will support developing multiple Voltera-owned and operated charging sites, continued corporate growth, and other initiatives. Under the terms of the agreement, Voltera will have the option to increase commitments over time as the facility is utilized.
“Our mission is to help customers succeed in a carbon-free transportation future by removing the time and financial burden of developing, owning, and operating charging infrastructure entirely. Expanding our sources of capital enables us to extend these benefits to more customers as we continue to scale,” said Matt Horton, CEO of Voltera.
Voltera’s debt facility from ING and Investec comes in addition to its ongoing equity support from EQT.
“Voltera’s focus on driving high utilization by strategically siting charging stations in areas where fleet demand is either established or anticipated means it can support more EVs with less capital, optimize operational costs and environmental benefits, and increase returns for investors,” said Erwin Thompson, Partner at EQT.
According to Mercom’s 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, announced debt and public market financing for Smart Grid technology companies totaled $321 million in seven deals in 1H 2024 compared to $839 million in the same number of deals in 1H 2023.
Last week, Allego, an electric vehicle charging solutions provider, secured a €20 million (~$22 million) loan from the European Bank of Reconstruction and Development (EBRD). This funding is a part of the CROSS-E project co-funded by the European Union. Allego plans to deploy over 200 light and heavy-duty vehicle (LDV /HDV) EV recharging points across over 50 strategic locations in Poland.
