Powerdot, a provider of EV charging solutions, has secured €165 million (~$180 million) in green financing from ABN Amro, BNP Paribas, ING, MUFG Bank, Santander, and Société Générale.
The €165 million (~$180 million) green financing facility – with an additional €60 million (~$65.5 million) of the uncommitted accordion facility – will be used to expand Powerdot’s network of EV charging points to reach more than 3,100 locations by 2026, enhance the technology and user experience, and grow and develop its team. Additionally, the company has secured more than €465 million (~$508 million) in funding commitments to date.
Earlier this year, the company raised €100 million (~$108 million) in follow-on capital raise led by Antin Infrastructure Partners and Arié Group.
Luís Santiago Pinto, Powerdot co-founder and CEO, remarked, “This substantial financing is a testament to our financial partners’ confidence in Powerdot’s vision and operational capabilities. With this funding, we are poised to accelerate our deployment strategy, bringing EV charging solutions to more European locations and supporting a widespread transition to sustainable transportation.” He added, “Powerdot’s long-term ambition and goals allow us to explore different financial tools for funding. With great excitement, we welcome ABN Amro, BNP Paribas, ING, MUFG Bank, Santander, and Société Générale to our mission of accelerating sustainable mobility.”
As part of this financing, Santander acted as sole financial advisor and green financing coordinator, McKinsey & Co. acted as commercial and technical adviser, and Clifford Chance and PLMJ acted as legal advisers to Powerdot.
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).
