Driveco, a provider of EV charging solutions, raised €250 million (~$273 million) from APG, an institutional investor. The funding round also saw the participation of existing shareholders Mirova and Corsica Sole, who remain the majority owners of Driveco.
Driveco plans to use the new investment to expand into EV charging infrastructure market in France and Europe. Driveco intends to use the funds to pursue three strategic directions: strengthening its territorial presence, accelerating its international expansion, and consolidating its technological innovation strategy.
“This fundraising round marks a new chapter of growth for Driveco, supported by APG, a renowned and experienced international investor. To tackle the climate emergency, it is essential to decarbonize the transportation sector by promoting the widespread adoption of electric cars,” said Ion Leahu-Aluas, CEO of Driveco.
Founded in 2010, Driveco has 8,000 charging points in operation or under construction. After initially focusing its business on developing and operating charging stations for third parties, the company began 2020 with a strategic shift to own its charging points.
“Driveco has an outstanding track record and is well positioned to become a key contributor to the electric vehicle charging infrastructure sector in France and European countries over the coming years, leveraging its operating excellence and customer-focused approach,” said Arjan Reinders, Head of Infrastructure Europe at APG.
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, funding in Q1 2023 was 14% lower compared to Q1 2022, when $327 million was raised in 13 deals.
Recently, Veloce Energy, a provider of hardware and software infrastructure solutions for EV charging and storage, announced the closing of its initial Series A funding round. Itochu and Ecliptic Capital led the investment round. The company plans to use the funds to expand its technology and develop its product roadmap for FastGrid.