NEoT Green Mobility (NGM), which leases out zero-emission transportation assets to public authorities and transport operators in France and the UK, has attracted €100m of investment from two infrastructure funds managed by Mirova and 3i, respectively, and Banque des Territoires.
The two vehicles, Mirova-Eurofideme 4 (MEF4) and 3i European Operational Projects Fund (3i EOPF), each provided €30m of equity, while Banque des Territoires, part of France’s Caisse des Dépôts, has committed €20m.
The transaction also sees Mitsubishi Corporation sell out of the business, while EDF Pulse Croissance maintains its shareholding.
NGM’s E-Mobility-as-a-Service business leases batteries, rolling stock and charging infrastructure across a range of transportation sectors, including urban public transport, inland navigation (such as rivers and canals), shipping and rail.
The new investment will provide funding for a pipeline of projects. The company plans to expand beyond electric mobility into hydrogen and geographically across Western and Northern Europe.
NGM has €40m of assets under management today, but is targeting an asset base of €400m by 2024.
MEF4 raised €860m in 2019 and invests in energy transition infrastructure in France, Spain, Portugal, Scandinavia and Eastern Europe in power-generation, energy-storage, electrical-mobility, and hydrogen projects. The fund is close to being fully invested.
Raphaël Lance, head of Mirova’s energy transition infrastructure funds at Mirova, said: “We are delighted to be joining forces with EDF Pulse Croissance and Banque des Territoires to accelerate the growth of NGM.
“The electrification of the transportation infrastructure across all segments, from freight and bus and coaches to charging infrastructure, will require substantial investments from mobility companies to whom NGM is offering attractive financing solutions.”
3i EOPF raised €456m from European and Asian investors in 2018. It invests in operational projects in France, the Benelux region, Germany, Italy and Iberia, targeting primarily social infrastructure and transportation, but also telecoms and utilities.
Stephane Grandguillaume, partner at 3i, said: “This is an attractive opportunity for 3i EOPF to invest in the green mobility sector in Europe. NGM’s projects play a central role in the energy transition. We believe its pipeline will grow rapidly as the roll-out of electric buses and coaches accelerates.”
Pierre Aubouin, head of the infrastructure and mobility department at Banque des Territoires, said: “Banque des Territoires has been an early investor in NEoT Green Mobility back in 2017.
“By committing a further €20m and welcoming 3i Group and Mirova on NGM’s board, we strengthen our commitment to roll out green mobility assets in the context of its action for more sustainable territories and today particularly in the context of the French Economic Recovery Package.”
Michel Vanhaesbroucke, general manager of EDF Pulse Croissance, said: “Convinced that the fight against climate change requires solutions for decarbonising territories, EDF Pulse Croissance has renewed its confidence in NGM.
“This new round of financing should help accelerate the financing of concrete solutions to decarbonise territories and reach net zero by 2050. We are very pleased to welcome new partners.”
Philippe Ringenbach, CEO of NEoT Capital and president of NGM, said: “This reinforces our capacity to accelerate our development in the next months in Europe. In these times of decarbonisation challenges for the whole economy, moving towards electric and hydrogen technologies is crucial to reach the targets established by the European Union to reduce by 40% the greenhouse gases by 2030”.
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