Spanish EV Charging company Zunder raised €100 million (~$97 million) from sustainable investment manager Mirova. With new funds, the company will speed up the rollout of ultra-fast EV charging stations in Southern Europe.

Zunder is a Spanish EV charging operator that was founded in 2017. The company is supported by White Summit Capital (WSC), a Swiss-based investor and asset management, and operates over 150 charging stations, with plans to expand to over 4,000 charging stations by 2025.

“The decarbonization 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,” Witold Marais, Investment Director at Mirova.

With this equity investment made through its Mirova Energy Transition 5 fund, Mirova secures a minority interest in the company, while WSC and Co-Investors remain as majority shareholders.

The electric mobility market is rapidly developing throughout Europe. Sales jumped 238% during the first three quarters of 2022 compared to year-end 2021 figures. Spain has a target to reach over 5 million EVs by 2030, up from about 300,000 currently. And the need for robust fast-charging public infrastructure is high, given that over 70% of Spanish households do not have access to private off-street parking.

According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, VC funding in Smart Grid companies in 1H 2022 was 58% higher with $731 million compared to the $463 million raised in 1H 2021. EV charging provider, Loop Global recently announced the completion of a $40 million Series A-1 funding round led by Fifth Wall Climate and Agility Ventures. Loop Global also raised an additional $20 million from Keystone National Group, bringing the total to $60 million.