Paris-based electric vehicle (EV)-charging startup Electra has secured €304 million in a Series B funding round to expand its network of charging stations across Europe. The funding round, led by Dutch pension fund PGGM through its infrastructure investment vehicle, makes Electra one of the most well-funded companies in the EV-charging sector in Europe. Other participants in the round include Bpifrance, Eurazeo Infrastructure, Serena, Rive Private Investment, and 574 Invest, the investment arm of the French national railway company SNCF. This brings Electra’s total funding to €600 million since its inception just over three years ago.
While Electra did not disclose its latest valuation, the new funding brings the startup close to unicorn status, according to CEO Aurélien de Meaux. Electra is strategically positioned in the rapidly growing market for EV-charging infrastructure as the European Union plans to ban the sale of new petrol and diesel cars by 2035, aiming to have 30 million electric cars on the continent by 2030.
Electra is involved in both the physical deployment of charging stations and the development of software supporting the charging process. The company builds the physical stations and manages the software, including the user app, car connectivity, and payment platforms. Electra has already deployed 1,000 charging points in eight European countries, including France, Germany, Belgium, Luxembourg, Italy, Switzerland, Austria, and Spain.
The funds raised will be used to consolidate Electra’s position in the markets where it currently operates, with plans to deploy 2,200 stations (15,000 charging points) throughout Europe by 2030. This expansion strategy involves multiplying the company’s current infrastructure by 15. Electra anticipates turning a profit by 2026, thanks to its long-term contracts and revenue-sharing model from charging operations.
The Series B funding round is the second-largest in the European EV-charging sector, following German startup Ionity’s €700 million round in 2021. Electra’s comprehensive approach, covering physical infrastructure and software, positions it strategically in the evolving landscape of electric mobility.
