Energy Infrastructure Partners and electric vehicle infrastructure champion Electra launch Swiss joint venture
Aug 29, 2023
Energy Infrastructure Partners, a leading investor in the energy transition, has signed an agreement on behalf of a group of Swiss pension funds it represents to partner with Electra, an early mover and European champion in the electric vehicle infrastructure industry.
On behalf of a group of Swiss pension funds, Energy Infrastructure Partners will manage a 49.9% stake in the long-term joint venture with up to EUR 200 million in initial capital
Active in 8 countries and with more than 500 charging points, Electra is revolutionizing electric vehicle infrastructure by installing fast-charging stations across strategic European markets
ZURICH & PARIS, 29 August 2023 — Energy Infrastructure Partners, a leading investor in the energy transition, has signed an agreement on behalf of a group of Swiss pension funds it represents to partner with Electra, an early mover and European champion in the electric vehicle infrastructure industry.
As portfolio manager for an investment group of Swiss pension funds focused on Swiss energy infrastructure within the Credit Suisse Investment Foundation, EIP will manage a 49.9% share of the new joint venture with EUR 200 million in initial capital to be injected through 2026. The joint venture’s mission is to expand Electra’s installed base of charging sites in the Swiss and Austrian markets.
Adding 200 fast-charging charging stations in the next three years
Beyond the sites already secured in Switzerland – chiefly in Geneva and Lausanne – Electra has an extensive pipeline of sites under consideration. The joint venture aims to install 100 fast-charging stations in each country by 2026.
“Accelerating the transition to electric mobility is high on the agenda in Switzerland and at EIP. Considering Electra’s rapid success in the French market and strong growth in strategic international markets, EIP is excited to bring Swiss knowhow and capital to turbocharge the company’s growth,” said Peter Schümers, EIP partner and co-head of Investments.
Switzerland has already developed itself into a proving ground for the electric vehicle industry, with new vehicle registrations in 2023 20% higher than larger neighbors like France and Germany, according to data from the European Automobile Manufacturers’ Association. Through a bundle of measures called the Electromobility Roadmap, the Swiss government is supporting efforts to nearly triple the country’s installed base of charging stations and increase the share of electric vehicles to 50% of all new registrations.
“We are delighted to be joining forces with EIP, a well-known Swiss player that also specializes in energy infrastructure. Their involvement demonstrates their confidence in our ability to rapidly develop our stations in the country," said Aurélien de Meaux, CEO of Electra.
Darko Adamovic and Romain Marchand (Gibson Dunn & Crutcher) advised Electra. EY (Marco Zumbühl) advised the joint venture on tax topics.
About Energy Infrastructure Partners AG
Energy Infrastructure Partners AG is a Switzerland-based manager of collective assets focused on long-term equity investments in high-quality, large-scale renewables and system-critical energy infrastructure assets. Our strategy and investment horizon align with the lifetime of the underlying assets and generate visible cash flows. With over CHF 5 billion under management, EIP leverages an extensive industry network, broad transaction experience and partnerships with leading energy companies and the public sector to develop and manage investment solutions for institutional investors globally. EIP’s investor base includes pension funds, insurance companies and large family offices, who are increasingly interested in contributing to the security of the energy supply as a pathway to create positive economic, ecological and social developments, and whose long-term funding needs closely match the energy infrastructure asset class.
Electra is the first French pure player in the electric vehicle charging industry. Its ambition: to definitively erase friction around electric vehicle adoption thanks to a massive, fast and efficient charging network. The company is trusted by major groups such as AccorInvest, VINCI Autoroutes, LSGI, Altarea Commerce, Indigo, Louvre Hotels Group, Primonial REIM France, Chopard Group, Jardiland and Delhaize Group in Belgium. With the support of 120 senior experts, Electra invests heavily in innovation and research to offer a unique user experience defined by rich, intuitive and customizable mobile interfaces. The company is building a dense network of charging infrastructure across Europe with the target to have a fleet of more than 8,000 charging points available by 2030. The company, which raised 175 million euros, recently entered the Next 40 of French Tech.