Driveco raises €250 million

Driveco, a French electric vehicle (EV) charging company, has raised €250m in a funding round. This investment is the largest-ever for an EV charging company in France and the second round of funding for Driveco. The Dutch pension fund manager APG provided the €250m, while Mirova and Corsica Sole, the existing shareholders, will maintain their majority stake in the company.

Driveco, which launched in 2010 as a spinoff from solar energy developer Corsica Sole, now operates France’s second-largest network of publicly accessible EV charging points, with over 8,000 charging points in operation or under construction. The company originally planned to build and run charging stations for third parties but shifted its focus to installing and operating the charging points themselves, including more than 600 stations on Carrefour Market parking lots.

According to the company, Driveco tripled its revenue in 2022, reaching €25m. With fresh funding, the company aims to expand beyond this and act as a catalyst for the energy transition by developing the necessary infrastructure to support electrification and decarbonisation. CEO Ion Leahu-Aluas said the goal was to “promote the widespread adoption of electric cars” and to “respond to the urgent need for infrastructure development, notably electrification”.

The funding round marks a significant moment in Driveco’s development, as it seeks to grow beyond its current position. The company plans to use the investment to extend its network of charging stations and build new, high-tech charging solutions to help overcome the challenges faced by electric vehicle drivers. By expanding its services and infrastructure, Driveco aims to position itself as a leader in the EV charging industry and to contribute to the fight against climate change.