Driveco raises €250m for its own European charging infrastructure
Electric charger maker Driveco in France has raised €250m to create a network of over 60,000 charging points in Europe by 2030.
The round was led by Dutch pension fund manager APG, along with existing shareholders Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investments, through its fund Mirova Eurofideme 4, and Corsica Sole.
The investment aims to support Driveco’s ambition to become a major player in electric vehicle charging infrastructure in France and in Europe by deploying its own charging stations, accelerating its internationalization strategy and consolidate its technological innovations.
Driveco assembles its own 22kW charger on a production line in Angers, and prioritizes European-made high-power chargers of 50kW, 150kW, 300kW and more.
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The second round of funding is the largest to-date in the electric vehicle charging point sector in France and one of the most significant in the sector as the market consolidates to gain scale and address fragmentation and larger manufactureres such as Siemens entering the market.
Founded in 2010, Driveco operates the second largest French electric vehicles charging network open to the public, with over 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 in 2020 a strategic shift to own its charging points. It tripled its revenue in 2022, reaching €25m.