Paris-based startup Electra has successfully secured a $330 million (€304 million) Series B round, marking a significant milestone in the electric vehicle (EV) charging industry. The funding, entirely in equity, is expected to propel the company’s expansion efforts in France and other European countries.
Electra’s successful $330 million funding round underscores the growing demand and investment in EV charging infrastructure, paving the way for the company to further expand its fast-charging network across Europe.
Building a Robust Charging Network
Electra specializes in the development of a network of fast-charging stations, with 172 active stations and plans to roll out an additional 105 stations. These stations, equipped with nearly 1,000 charging points, are strategically located in supermarket parking lots, in front of hotels, on highway rest areas, and even at Toulouse’s airport.
Unique Features and Focus on Fast Charging
What sets Electra apart from other EV charging networks is its exclusive focus on fast-charging stations and the in-house development of its software stack. This approach enables real-time monitoring of charging station availability and allows customers to reserve charging points in advance, providing a seamless and efficient charging experience.
Strategic Funding and Expansion Plans
The substantial funding secured by Electra will be instrumental in deploying more charging stations, with a vision to establish 15,000 charging points across 2,200 stations by 2030. The funding round is led by PGGM, a Dutch pension fund service provider, and Bpifrance’s Large Venture fund, with participation from existing investors such as Eurazeo, RIVE Private Investment, the SNCF group, and Serena.
Competitive Landscape and Industry Trends
Electra faces competition from other EV charging startups such as Ionity and EVPassport. Despite the substantial capital requirements in the infrastructure-heavy EV charging industry, these companies have opted for equity rounds, signaling a shift in funding trends within the sector.