Driveco raises 250 million euros

Driveco raises €250 Million to become one of Europe’s leading electric vehicle charging infrastructure providers

 

 

• A record-breaking fundraising for the charging station sector in France, and one of the largest globally,
• APG, a leading global investor, joins the shareholding,
• Continued support from historical shareholders, who retain a majority stake,
• 25 million euros in revenue generated in 2022, tripling the turnover compared to 2021,
• The company’s goal is to operate over 60,000 charging points in Europe by 2030, avoiding the emission of 3 million tonnes of CO2 per year, in line with the EU’s Fit for 55*objectives.

 

Driveco, a French pioneer in electric vehicle charging, today announces a €250 million fundraising from the pension fund manager APG, one of the world’s leading institutional investors. Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable finance, through its fund Mirova Eurofideme 4**, and Corsica Sole, historical investors, also remain invested in the company.

 

This fundraising aims to support Driveco in its ambition to become a major player in electric vehicle charging infrastructure in France and Europe. The additional financial resources will enable the company to strengthen its territorial network, notably by deploying its own charging stations, accelerating its internationalisation strategy, and consolidating its technological innovations to continuously improve the customer experience.

This second funding round for Driveco is a record in terms of amounts raised in the electric vehicle charging station sector in France and one of the most significant operations globally.

 

Driveco, a pioneer in charging operations in France

Founded in 2010, Driveco operates over 8,000 electric charging points in operation or under deployment across France and operates the second-largest public network in the country.

After initially focusing on building and operating charging stations for third parties, the company made a strategic shift in 2020 by launching its own station operator offering. For example, Driveco will finance, install, and operate over 600 stations in the car parks of Carrefour Market in France, enabling the electrification of 3,000 parking spaces.

Driveco tripled its turnover in 2022 to reach €25 million, a significant growth supported by the commitment of over 100 employees.

 

Positive societal impact at the heart of the strategy

Committed to the reindustrialisation of Europe, Driveco assembles its proprietary 22kW charging station on a production line in Angers and prioritises European manufacturing in its selection of high-power stations of 50kW, 150kW, 300kW and above.

With the aim of encouraging daily eco-friendly actions, Driveco offers attractive prices and provides its customers with 100% green energy. To achieve this, the company relies on complete control of electricity supply through its subsidiary, Driveco Energies.

 

A fundraising to support Driveco’s long-term vision

To accelerate its development and democratise the use of electric vehicles, Driveco is partnering with APG, which shares a common vision for sustainable growth and the decarbonisation of transport.

Driveco will invest in three strategic directions, with ambitious goals to be achieved by 2030:

• Strengthen territorial coverage to consolidate its position as a major French player,
• Accelerate international expansion to offer 60,000 charging points across 7 European countries (continuing development in France and Belgium; launching operations in Germany, Spain, Italy, the Netherlands, and Switzerland). The goal is to enable the charging of more than 1.2 million vehicles per year for all their journeys, avoiding the emission of 3 million tonnes of CO2,
• Consolidate the technological innovation strategy to offer the simplest customer experience at the station and on its mobile app. To this end, Driveco plans to double its workforce by 2025, particularly by strengthening the tech and product teams.

 

 

Ion Leahu-Aluas, CEO of Driveco, says:

“This fundraising marks a new chapter of growth for Driveco, supported by APG, a seasoned investor of international renown. Faced with the climate emergency, it is imperative to decarbonise transport by promoting the widespread adoption of electric cars. With over 10 years of experience in the electric charging sector, we aim to act as a catalyst for the energy transition by meeting the urgent need for infrastructure development and the electrification of territories. I would like to warmly thank all our employees for their commitment, as well as our shareholders, both new and historical, for their trust. Together, we share a common ambition: to build a European leader and make the ‘electric revolution’ a reality accessible to all.”

 

Arjan Reinders, Head of infrastructure Europe at APG, says:

“We are delighted to join forces with Driveco and its shareholders on this exciting project. This investment represents another step for APG and its pension fund clients ABP and PPF in our strategy to significantly reduce carbon emissions globally and support the development of infrastructure for the energy transition. Driveco has a remarkable track record. Leveraging its operational excellence and customer-centric approach, the company is well-positioned to become a key player in the electric vehicle charging infrastructure sector in France and neighbouring European countries in the coming years. We intend to foster Driveco’s growth by investing capital and supporting the company’s continued efforts to achieve the highest Environmental, Social, and Governance standards. Alongside Corsica Sole and Mirova, we look forward to working with Driveco’s management team to support them in their pioneering vision.”

 

Witold Marais, Investment Director in the energy transition infrastructure funds team at Mirova, comments:

“We are pleased to welcome APG to Driveco’s shareholding to support the company in this new phase of growth. Driveco has become the leading independent charging operator in France in just a few years, combining hyper-growth with excellence in operational, innovation, and reliability terms, with its charging network now among the most efficient. We are delighted to continue supporting management, alongside new shareholders, in their goal of becoming a European leader.”

 

Advisers for the operation

• Driveco’s advisers: Lazard and Nomura (M&A), E-cube (commercial), 8advisory (finance, taxation), LPA-CGR (legal), CLP-Cliperton (legal), Mobileese (technical, operations, IT), VS&A (antitrust).
• APG’s advisers: Macquarie Capital (M&A), Clifford Chance (legal), Freshfields Bruckhaus Deringer (antitrust), EY Parthenon (commercial), EY (finance, taxation, IT), Arup (technical advisory) et Marsh (insurance).

The completion of the operation is subject to applicable regulatory approvals and is expected to occur in the first half of 2023.

 

About Driveco

A French pioneer in vehicle charging, Driveco’s mission is to make electric mobility accessible to all by offering the simplest experience, developing the most reliable network, and providing renewable energy to build a more ecological society. Driveco operates or is installing a network of 8,000 charging points and operates the second-largest public charging network in France, with the best reliability in the market. Since its inception, all Driveco charging points have enabled 80 million kilometres of electric driving, equivalent to 2,000 times around the earth. With over 18,000 tonnes of CO2 avoided, Driveco has provided more than 13 million kWh of electricity since its creation.

 

About APG

APG is the largest pension fund manager in the Netherlands. APG provides pension services on behalf of pension funds and employers in the education, government, construction, cleaning, housing associations, sheltered employment organisations, medical specialists, and architects sectors. APG manages approximately €522 billion in pension assets (as of February 2023). APG works for about 22,000 employers and provides pensions to one in five Dutch households (around 4.7 million people). With around 3,000 employees, APG has offices in Heerlen, Amsterdam, Brussels, New York, Hong Kong, Shanghai, and Beijing. APG has been an active infrastructure investor since 2004 and manages an infrastructure portfolio of around €25 billion (as of September 2022) spread across more than 50 investments worldwide. APG’s global infrastructure team comprises 38 investment professionals.
Visit their website: www.apg.nl

 

About Mirova

Mirova is a management company dedicated to sustainable investment and an affiliate of Natixis Investment Managers. Through its conviction-driven management, Mirova’s goal is to combine the pursuit of long-term value creation with sustainable development. Pioneers in many areas of sustainable finance, Mirova’s talents aim to continue innovating to offer their clients high-impact environmental and social solutions. Mirova has been active in the energy transition infrastructure sector for 20 years and has financed over 330 projects totalling over 6.5 GW of potential production capacity across Europe and Asia. Reaffirming its position as a major European player in renewable energy, storage, and low-carbon mobility, the company recently completed the fundraising of €1.6 billion for its fifth equity fund for energy transition infrastructure. Mirova and its affiliates manage €29 billion and approximately €3.4 billion in energy transition infrastructure investments as of 31 March 2022. Mirova is a mission-driven company, B Corp*** certified.

 

About Natixis Investment Managers

Natixis Investment Managers’ multi-boutique approach allows clients to benefit from the targeted expertise of over 15 active managers. Ranked among the world’s largest asset managers***** with over €1,078 billion in assets under management******, Natixis Investment Managers is part of the Global Financial Services of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d’Epargne networks. Natixis Investment Managers’ distribution and service groups include Natixis Distribution, LLC, Natixis Investment Managers S.A. (Luxembourg), Natixis Investment Managers International (France), and their affiliated distribution and service entities in Europe and Asia. Not all offers are available in all jurisdictions. For more information, visit the Natixis Investment Managers website at im.natixis.com | LinkedIn: linkedin.com. A French société anonyme – RCS Paris n°453 952 681 –  Registered office: 59, avenue Pierre Mendès-France – 75013 Paris. Natixis Investment Managers is a subsidiary of Natixis.

 

Notes

* Fit for 55 is the most ambitious European legislative package on environmental transition in terms of timeline and sectoral implications. Fit for 55 measures aim to reduce territorial greenhouse gas emissions by 55% by 2030 compared to 1990.

** MIROVA EUROFIDEME 4 is a French-law Société de Libre Partenariat (SLP), closed to subscriptions. Mirova is the management company. This fund is not subject to the approval of a supervisory authority.

*** The reference to a label does not prejudge the future performance of the funds or their managers.

**** Cerulli Quantitative Update: Global Markets 2022 ranked Natixis Investment Managers as the 18th largest asset manager in the world based on assets under management as of 31 December 2021.

***** The assets under management (“AUM”) as of 31 December 2022 of the affiliated entities are €1,151.3 billion ($1,078.8 billion). Assets under management include AlphaSimplex Group, LLC ($8.2 billion / €7.7 billion), which was acquired by Virtus Investment Partners, Inc., effective 1 April 2023. Assets under management, as reported, may include notional assets, managed assets, gross assets, affiliated entity assets held by minorities, and other non-regulated assets managed or advised by Natixis Investment Managers affiliates.

 

Press Contacts

For Driveco : Alexandre Dechaux / Teneo / driveco@teneo.com / +33 6 17 96 61 41

For APG : Dick Kors / Porte-parole senior / dick.kors@apg.nl