Swiss fund manager SUSI Partners has invested in European electric vehicle (EV) charging operator Elaway.
SUSI Energy Transition Fund (SETF), the manager’s evergreen equity fund, has acquired a majority stake in the Norway-based (EV) charging point operator. Elaway’s co-founders, Norwegian utilities Hafslund and Eviny, will retain minority stakes.
Elaway provides housing communities in apartment buildings or multi-family houses with charging infrastructure.
SETF’s capital injection is expected to help Elaway grow its operations. The company recently expanded its offering to Germany and Sweden and expects to establish its business in further European markets in the medium term.
Elaway is the ninth portfolio company to be added to SETF, a fund that benefits from “strong diversification across technologies and stable jurisdictions”, SUSi said.
SETF recently invested in US solar photovoltaic and battery storage developer Encore Renewable Energy and French wind and solar photovoltaic developer APAL MW.
The OECD-focused fund’s portfolio also includes investments from renewable-energy production to energy efficiency and energy storage and integrated customer energy solutions in Chile, and Australia.
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