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As demand for EV charging infrastructure soars Spanish startup Zunder raises €100 million to roll out stations across Southern Europe

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As the adoption of electric vehicles takes off, Zunder has raised €100 million to accelerate EV charger rollout in Southern Europe. The startup will now be able to supercharge its plans and address the current supply/demand gap. 

Seen as a much more sustainable mode of transport and helping to cut down emissions significantly, EV’s are helping transport Europe on the road to net-zero. Citizens across the continent are buying into EV, manufacturers are developing sleeker options, and cities are offering incentives and benefits to go electric. 

However, there is one common problem all EV owners complain of  – the lack of charging points. Having an EV is great in theory, but with a lack of charging infrastructure, in practice they can become a little impractical. In fact, many drivers are still operating to use their traditional fossil-fuel-fueled modes of transport for longer journeys due to a fear of not being able to charge up. 

Aiming to change this, Spanish startup Zunder has just zoomed off with €100 million to roll out ultra-fast EV charging stations across Southern Europe.

Funding details

The €100 million investment was led by French sustainable investment manager Mirova, an affiliate of Natixis Investment Managers. 

Via this initial €100m equity investment, Mirova secures a minority interest in the company. 

Zunder is also backed by White Summit Capital, a Switzerland-based investor and asset manager specialising in sustainable energy infrastructure, who will remain a majority shareholder. 

Witold Marais, Investment Director at Mirova stated: “The decarbonisation of mobility and transportation is critical to the net zero pathway, and it is therefore core to our investment strategy. Having been involved in the EV charging infrastructure space since 2019, we value Zunder’s positioning, premium quality service, and ambition to become a leading fast-charging network operator across Southern Europe.”

Fueling EV market

The electric mobility market is rapidly developing throughout Europe, and Spain is no exception. Electric car sales jumped 238% during the first three quarters of 2022 compared to year-end 2021 figures. 

Spain alone has a target to reach over 5 million EVs by 2030 and the resulting need for robust fast-charging public infrastructure is particularly high, given that over 70% of Spanish households do not have access to private off-street parking.

Founded in 2017 by Daniel Pérez, Zunder already has 150 charging points in Spain and now wants to accelerate expansion across the south of Europe. Plans include opening their first charging points in France before expanding to Portugal and Italy. The startup expects to operate over 4000 charging points by 2025 and manage over 40k through its platform. 

The startup experienced a lot of growth over the past year, driven by its in-house developed location selection technology, focus on ultra-fast charging, and an industry-leading app, enabling long-distance electric travel and eliminating “range anxiety” for thousands of EV customers across Spain. 

Daniel Perez, Zunder’s CEO commented: “Zunder is changing the way we move. Our mission to expand ultra-fast charging is critical to enable seamless EV adoption in Southern Europe. We are delighted, and will propose it to our shareholders, to welcome Mirova as a shareholder in this deal, reaffirming our vision, strategy, business model and values, paving the way for Zunder’s multi-billion deployment plan over the next decade.”

Alexandra Chenguelly, Principal at WSC, added: “White Summit Capital invested in Zunder with the goal of decarbonising the private transport sector. Partnering with a team of passionate experts and, developing a unique, differentiated and robust business model has been key to the company’s success to date. We are delighted to welcome our new partner Mirova, who not only shares our ambitious sustainability focus but will now help us to accelerate the growth and internationalization of Zunder.”

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