Investment manager Mirova has invested €100m in Spanish electric vehicle charging company Zunder to help the company expand across Southern Europe.

Zunder, which was founded in 2017, said its early backers White Summit Capital and co-investors will remain as majority shareholders following the latest capital injection from the Mirova Energy Transition 5 fund.

The fresh capital will speed up Zunder’s plan to own and operate more than 4,000 charging points and manage over 40,000 through its platform by 2025 with a capex plan of more than €300m over that period.

Daniel Perez, Zunder’s CEO, said: “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.”

Witold Marais, an investment director at Mirova, said: “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.”

Alexandra Chenguelly, principal at White Summit Capital, said: “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 internationalisation of Zunder.”

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