Mirova and 3i infrastructure funds back NGM

NEoT Green Mobility (NGM) leases out zero-emission transportation assets to government authorities and various private operators of transport services in France and the United Kingdom.

The firm has now received about €100 million in fresh investment from two separate infrastructure funds managed by Mirova and 3i respectively, and also from Banque des Territoires.

The two funds stated above include the Mirova-Eurofideme 4 (MEF4) and 3i European Operational Projects Fund (3i EOPF). Each of them supplied €30m in equity purchase, while Banque des Territoires, part of France’s Caisse des Dépôts provided €20m.

As part of this recent transaction, Mitsubishi Corporation sold out of the business, while EDF Pulse Croissance retained its shareholding.

NGM’s E-Mobility-as-a-Service operation allows institutions in various transportation sectors, including urban public transport, inland navigation (such as rivers and canals), shipping and rail, to lease batteries, rolling stock, and charging infrastructure.

With its latest capital injection, the firm hopes to fund its pipeline of projects and also its expansion beyond e-mobility into hydrogen. The firm plans a geographical expansion into Western and Northern Europe as well.

NGM has €40m of assets under management today but has set a goal to reach an asset base of €400m by 2024.