M&G’s infrastructure equity investment arm has acquired a majority stake in a Nordic electric vehicle (EV) charging platform.

Infracapital said it has agreed to buy a 63% stake in Fortum Recharge, which owns charging points in Norway, Finland, and Sweden.

Financial details were undisclosed.

Infracapital said the duo have created a shared ownership structure designed to accelerate Fortum Recharge’s growth plans in the public charge point operator market and reaffirm its market-leading position.

The investment will also “release capital to Fortum for further growth in this partnership, including services provided to Fortum’s mobility customers”.

Infracapital said Fortum Recharge is the fifth standalone investment made its Infracapital Partners III fund. The acquisition represents Infracapital’s fourth major investment across the Nordics and first investment in electric vehicle infrastructure.

Christophe Bordes, managing director at Infracapital, said: “Infracapital is committed to supporting Europe’s transition to a low-carbon economy while delivering value and sustainable growth for our investors.

“It is clear that EV will play a critical role in reducing carbon emissions and we are thrilled to have secured a high-quality scalable entry point into this market, working with Fortum, a leading clean-energy partner with a significant local presence and growth potential.”

Arun Aggarwal, SVP, business technology at Fortum, said: “This is a great opportunity to partner with Infracapital, which allows us to grow recharge substantially.

“For Fortum this is also a success story as it proves the value of the market-leading Nordic charging services we have built over recent years. Together with Infracapital, we look forward to realising the full potential of Fortum Recharge in this high-growth sector.”