French start-up Driveco has announced a record-breaking €250 million round of funding to expand its network of charging points for electric vehicles across Europe, with a target of 60,000 charging points by 2030.
Driveco, a French pioneer in charging infrastructure for electric vehicles, has just raised €250 million after completing a second round of financing. This fundraising is a record in France and one of the largest in the world for the charging station sector.
Massive financing to support European expansion
Founded in 2010, Driveco operates the second largest French network open to the public. The new money will enable it to strengthen its territorial coverage in France, accelerate its internationalisation strategy and consolidate its technological innovations in order to improve the customer experience both on its station and on its application.
While its activity was initially focused on the construction and operation of recharging stations on behalf of third parties, the start-up launched its proprietary station operator offer in 2020. It now aims to operate more than 60,000 charging points in Europe by 2030.
Driveco wants to continue its development in France and Belgium, but also invest in Germany, Spain, Italy, the Netherlands and Switzerland. The stated objective? To enable the recharging of more than 1.2 million electric vehicles per year, thus avoiding the emission of 3 million tonnes of CO2 per year.
Rapid growth and a positive societal impact
The start-up has already deployed more than 8,000 electric charging points in France. It has seen its turnover triple by 2022 to reach €25 million, supported by the commitment of its 100 employees.
Committed to the reindustrialisation of Europe, Driveco assembles its proprietary 22 kW bollard in Angers and favours European manufacturing for its high-power bollards. The company offers attractive prices and provides its customers with 100% green energy through its subsidiary Driveco Energies.
Strategic partnerships and sustainable development
In addition to the funds raised, Driveco has also entered into strategic partnerships to support its growth and expansion. One of the most notable examples is the partnership with Carrefour Market, which will allow Driveco to finance, install and operate more than 600 charging stations in supermarket car parks in France, thus contributing to the electrification of 3,000 parking spaces.
By focusing on sustainability, Driveco is not only committed to providing 100% green energy to its customers, but also to supporting Europe's energy transition. The company is actively involved in reducing greenhouse gas emissions, aligning itself with the objectives of the European legislative package Fit for 55, which aims to reduce territorial emissions by 55% by 2030 compared to 1990.
To achieve its long-term vision, Driveco will invest in three strategic directions: strengthening its territorial coverage in France, accelerating its international expansion and consolidating its technological innovation strategy. Driveco plans to double its workforce by 2025, in particular by reinforcing the tech and product teams.