Mirova, 3i and Banque des Territoires have invested an additional €60m into NEoT Green Mobility (NGM), which leases zero-emission transportation assets to public authorities and transport operators in France and the UK, taking their total investment in the company to €160m.
The investment follows a first funding round in September 2021 that allowed NEoT Green Mobility (NGM) to become a €100m platform for zero-emission mobility.
In this latest round, Mirova has invested via its Mirova-Eurofideme 4 fund, while 3i has invested through its 3i European Operational Projects Fund (EOPF).
Banque des Territoires is investing alongside its historical shareholder EDF Pulse Ventures. The three investors are commiting an equal portion of the €60m investment injection.
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.
Having started with electric mobility, the company said it is expanding into the hydrogen sector.
NGM has more than €200m assets under management or in deployment, under mid to long-term contracts, mainly in France, the UK, and Scandinavia, and aims to expand across Western, Central Eastern and Northern Europe.
With this additional investment, NGM will target a €500m asset base to be committed by 2025.
Witold Marais, investment director at Mirova, said: “We are pleased to be providing additional funding to NGM. The platform has been developing new, innovative financing solutions for green mobility operators across Europe and is geared for future growth. The decarbonation of transportation needs to accelerate, and NGM financing solutions are making it easier for operators to electrify their asset base”.
Stephane Grandguillaume, partner at 3i, said: “This is an attractive opportunity for 3i EOPF to continue to invest in the green mobility sector in Europe in a high-yield, low-risk platform without development risk.
“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. We are very pleased to see the NGM pipeline grow rapidly and into several new segments, from the initial focus on leasing of electric buses and coaches to all types of ground and maritime transportation, as well as in the EV charging space.”
Gautier Chatelus, deputy head for mobility at Banque des Territoires, added that the additonal funding would “strengthen our commitment to roll out green mobility assets in the context of our investment strategy”.
Philippe Ringenbach, CEO of NEoT Capital and president of NGM, said: “This €60m extended capacity coming shortly after the last funding round in September 2021 is excellent news. It shows the dynamism of our development and the full support of Mirova, 3i and Banque des Territoires to NEoT Green Mobility’s role as a key financial player of the transition to zero emission mobility.”
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