The Swiss-based infrastructure investment manager SUSI Partners has made a ‘capital’ investment in the Norwegian-based EV charge point operator Elaway through its flagship evergreen equity fund SETF. The financial injection gives the company the opportunity to execute their expansion plans in Europe. Through their investment SUSI Partners acquires a majority stake in Elaway, that was founded by Norwegian utilities Hafslund AS and Eviny AS.

Elaway provides housing communities in apartment buildings or multi-family houses with a one-stop, as-a-service charging solution covering procurement, installation, financing, and operation of the charging infrastructure. Based on its success in the Norwegian market, Elaway has recently expanded its offering to Germany and Sweden and will look to establish its business in further European markets in the medium term.

The residential customer segment holds immense potential for EV adoption, but the complexity of procuring, installing, and operating the necessary charging infrastructure often presents a substantial challenge for the relevant stakeholders. According to Elaway its one-stop solution focusing on housing communities removes these barriers to implementation and thereby enables an accelerated switch to electrified transport for thousands of households, while offering the benefits of captive demand that is critical to underpinning the capital investment.

With the addition of a European EV charging infrastructure operator, SUSI continues its efforts to build a sector-spanning energy transition portfolio for SETF. The acquisition of Elaway follows recent investments in U.S solar PV and battery storage developer Encore Renewable Energy and French wind and solar PV developer APAL MW, marking the third transaction on behalf of SETF in less than two months, and the Fund’s ninth transaction overall.