Paris-based electric vehicle (EV) charging startup Electra recently secured an impressive €304 million ($330 million) in a Series B funding round, entirely in equity. Electra stands out by focusing exclusively on fast-charging stations, currently operating 172 active charging stations with nearly 1,000 charging points. These stations are strategically located in supermarket parking lots, in front of hotels, and at highway rest areas and can be reserved in advance. The company has also collaborated with Toulouse’s airport to integrate charging stations into their facilities.
The Series B funding, with participation from existing investors like Eurazeo, RIVE Private Investment, the SNCF group through 574 Invest, and Serena, among others, reflects the continued support for Electra’s ambitious goals. This new capital injection will be instrumental in deploying more charging stations, as Electra envisions rolling out an impressive 15,000 charging points across 2,200 stations by 2030.
Electra faces competition from other players in the European EV charging landscape, with Ionity being a notable contender that raised a €700 million round a few years ago. Despite the substantial capital requirements associated with building EV charging networks, companies like Electra and Ionity are opting for equity rounds rather than traditional credit lines, signaling the keen interest of infrastructure funds in having a financial stake in these projects.
Electra’s ability to secure significant funding in equity further solidifies its position as a key player in shaping the future of electric vehicle charging infrastructure in Europe, especially as the EV revolution continues to accelerate.
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