Recurrent Energy Secures $164 Million in Debt Funding

Service4Charger, a Berlin-based provider of comprehensive solutions for EV charging infrastructure, secured a €7.5 million (~$8 million) investment from bp Ventures, bp’s venture capital arm. The investment is part of a €10 million (~$11 million) Series A round for Service4Charger, including Smart Energy Innovationsfonds. The new capital will enable Service4Charger to expand into additional markets and expand its team.

Service4Charger provides planning, installation, operation, and maintenance services for EV charging stations and software solutions for managing and optimizing the charging process. The company works with various customers, such as fleet operators, real estate owners, municipalities, and utilities, to help them meet the growing demand for EV charging infrastructure in Germany and beyond.

According to the company release, Germany is one of the leading markets for EV adoption in Europe, with fully electric cars accounting for 17.3 percent of all new registrations in May 2023. The European Union has set a target of having 30 million EVs on the road by 2030, which requires a rapid and reliable rollout of charging infrastructure across the continent.

Gareth Burns, vice president of bp ventures, said: “As bp pulse rolls out EV charging, it is essential that we have the right skill sets and expertise to make charging installations an efficient process and to service our growing network of EV charge points. The investment into Service4Charger brings bp a collaboration that can enable rapid and reliable installation and servicing of EV charge points in Germany.”

bp’s e-mobility business operates under the Aral pulse brand in Germany, offering around 1,500 ultrafast charging points at more than 500 Aral retail sites. Aral Pulse and Service4Charger plan to collaborate to provide Aral customers with a comprehensive service for their EV charging needs, from planning and installation to operation and maintenance.

According to Mercom’s Q1 2023 Funding and M&A Report for Storage and Smart Grid. There was a 66% decrease in QoQ for Smart Grid VC funding in Q1 2023, with $280 million raised in 14 deals compared to $846 million in 15 deals in Q4 2022. YoY, financing in Q1 2023 was 14% lower compared to Q1 2022 when $327 million was raised in 13 deals.