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. The project in Poland is co-funded by the EU’s Connecting Europe Facility (CEF) program, supporting European transport infrastructure projects along the TEN-T Network and in Urban Nodes.
Vianney Heeren, Director of Structured Finance at Allego, commented, “With this financing, we can go forward with our infrastructure initiatives much more quickly, guaranteeing that Allego will support Poland’s quick transition to electric vehicles. It demonstrates our business strategy’s capacity to expand operations successfully throughout Europe.”
The company said that it has developed a portfolio of charging infrastructure solutions and proprietary software, including Allamo and EV Cloud platforms. The company has a network of 35,000 charging points spanning 16 countries.
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.
Be.EV, an EV charging provider, recently secured £55 million (~$70 million) in debt financing from NatWest and the German KfW IPEX-Bank. The funding was also supported by existing investor Octopus Energy, a renewable energy group specializing in sustainable energy, which invested £110 million (~$128 million) last year.
