EV charging: Electra raises $330M Series B

The company focuses on fast-charging stations

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Paris-based startup Electra has successfully raised a $330 million (€304 million) Series B round, entirely in equity, for its electric vehicle charging network.

Here are a few key points:

• The company focuses on fast-charging stations and distinguishes itself by developing its software in-house for seamless integration with its charging stations.

• Electra currently operates 172 active charging stations with nearly 1,000 charging points, strategically placed in locations like supermarket parking lots, hotels, and highway rest areas.

• The funds will be used to expand its network, with plans to deploy 15,000 charging points across 2,200 stations by 2030.

• The company's real-time monitoring allows users to check station availability and even reserve a charging point in advance, catering to the growing demand for electric vehicle infrastructure.

• The funding round is led by Dutch pension fund service provider PGGM and Bpifrance’s Large Venture fund, with participation from existing investors.

• Electra faces competition from other European EV charging startups like Ionity, while global players like EVPassport in North America are also making strides with significant funding rounds.

• Despite the typically large capital requirements for such infrastructure projects, these companies are opting for equity rounds, signaling a growing interest from infrastructure funds and public financial institutions.