Paris-based fast charging EV-network Electra has raised a €304m Series B to expand its network of charging stations across Europe. It marks Europe’s second-biggest fundraising round in the sector after German EV-charging startup Ionity raised a €700m round in 2021 led by BlackRock.

Right now, the company has 172 active charging stations in eight countries – France, Germany, Belgium, Luxembourg, Italy, Switzerland, Austria and Spain – and is in the process of rolling out another 105 stations.

Those 172 charging stations represent nearly 1,000 charging points. You can usually find them in supermarket parking lots, in front of hotels or at highway rest areas. The company has also partnered with Toulouse’s airport to build some charging stations there. Electra believes that it can roll out 15,000 charging points across 2,200 stations by 2030.

Electra’s Series B, which is all equity, was led by Dutch pension fund PGGM through its dedicated infrastructure investment vehicle. Public sector bank Bpifrance also joined the company’s cap table and returning investors included French investors Eurazeo Infrastructure, Serena and Rive Private Investment, as well as 574 Invest, the investment branch of national railway company SNCF. It brings total funding for the startup to €600m since it launched just over three years ago.

Electra builds both the physical stations where drivers can plug in their cars and the software that supports the charging process — from managing the app that users download to book their spot, to connecting to the car’s operating system and payment platforms.The company also handles the physical deployment of stations, largely thanks to partnerships with private companies like supermarkets, restaurants, hotels or parking lots.

Deploying a continent-wide physical infrastructure is capex-intensive, which is why Electra turned to deep-pocketed investors, particularly infrastructure-focused funds.

“PGGM, who led this round, is — like most infrastructure funds — a long-term fund that manages 235 billion euros,” says  CEO Aurélien de Meaux. “With the perspective of continuing to expand in Europe, it was important for us to have a partner with deep pockets.”

Rather than opening new markets, the company is planning to consolidate its position in the countries where it is already operating. In deploying an EV-charging network, the company is competing against huge multinationals in the energy sector — but de Meaux remains confident. “In front of us, there are companies like TotalEnergies that have lots of money,” he says. “But in this sector, you need entrepreneurial teams that can be more innovative and develop faster and stronger. That’s what we’re doing.”