A Swiss Life Asset Managers has invested €84m to acquire a majority equity interest in electric vehicle (EV) charging infrastructure operator Powy.
The investment, on behalf of an unnamed fund, aims to enable Powy, the owner and operator of charging points in Italy and Spain, to fund growth across Europe.
Powy currently operates over 400 charging points in around 150 different locations across Italy and Spain.
Gianfranco Saladino, the head of value-add infrastructure at Swiss Life Asset Managers, said: “We are delighted to have gained the trust of Powy’s founders and shareholders and are excited to support the company in its next phase.
“Europe is experiencing a strong acceleration in the electrification of both private transportation and commercial fleets, driving increased demand for EV charging services in the years to come. We are excited to back the management team and support them in supercharging Powy’s growth in their core markets and beyond.”
Powy founders and shareholders Federico Fea and Andrea Brentan will continue to manage the company as CEO and chairman, respectively.
Fea said: “Powy has proven to be uniquely positioned to rapidly develop its EV charging network in premium locations and we are now thrilled to continue this work alongside Swiss Life Asset Managers.
“In addition to the financial resources fuelling our ambitious growth plans across Europe, Swiss Life Asset Managers will bring to Powy its wealth of experience in the development of high-growth companies, its proven capability to support the implementation of ESG practices and a vast investment portfolio brimming with valuable potential synergies.”
To read the latest edition of the latest IPE Real Assets magazine click here.