Infracapital is to take full ownership of Nordic electric vehicle charging platform Recharge by acquiring Fortum’s stake.

The infrastructure equity investment arm of M&G has agreed to buy the remaining 30% stake does not already own for around €80m. Infracapital acquired its original majority stake in May 2020.

Recharge is the leading public charging point operator for electric vehicles in the Nordics with more than 4,600 connectors at 800 locations.

Infracapital said Recharge was the fifth standalone investment made by its Infracapital Partners III fund. Fund III’s strategy is to invest sustainably in essential brownfield infrastructure to meet the changing needs of society and support long-term economic growth across Europe.

Christophe Borders, managing director at Infracapital, said: “We are very happy with the progress that Recharge continues to make. Decarbonisation of the transport sector will play a vital role in achieving net zero and we see further growth in the company which will create value for our investors.”

Recharge is one of the first startups in Fortum’s Valkea Growth Club’s portfolio. The Finnish state-owned energy company said the sale is in line with its plan to “enable growth investments in alternative areas”.

Ilkka Lassila, COO at Valkea, said: “Recharge is a fine example of Fortum’s long-term and successful innovation activities. Through the collaboration with Infracapital, we have succeeded in strengthening Recharge’s position in the Nordics.

”The divestment of Recharge enables new growth investments in areas that align with our strategy.”

To read the latest edition of the latest IPE Real Assets magazine click here.