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  • Equity investment to speed up plan to surpass 4,000 charging points in Southern Europe
  • Zunder is already the largest independent EV ultra-fast-charging operator in Iberia
  • Early backers White Summit Capital and Co-Investors remain as majority shareholder after raise

Palencia, SPAIN October 11, 2022.- Spanish electric vehicle charging company Zunder has raised €100 million from French sustainable investment manager Mirova, an affiliate of Natixis Investment Managers, in a bid to accelerate its roll-out of ultra-fast EV charging stations across Southern Europe.

Zunder, founded in 2017 by e-mobility entrepreneur Daniel Pérez, has quickly established itself as the leading independent EV charging infrastructure operator in the Iberian Peninsula after receiving early backing from energy and infrastructure investment firm White Summit Capital and Co-Investors. The latest investment round will speed up Zunder’s plan to surpass 4,000 ultrafast charging points across Southern Europe.

The electric mobility market is rapidly developing throughout Europe, and Spain is no exception. Electric car sales jumped 238%[1] during the first three quarters of 2022 compared to year end 2021 figures. Spain has a target to reach over 5 million EVs by 2030, up from about 300,000 currently. And the need for robust fast-charging public infrastructure is particularly high, given that over 70% of Spanish households do not have access to private off-street parking[2].

Zunder, voted the best-rated company by users in its market[3], has seen exponential growth since 2020 driven by its in-house developed location selection technology, focus on ultra-fast charging, and an industry-leading app, enabling long distance electric travel and eliminating “range anxiety” for thousands of EV customers across Spain. After recently winning its first public tender in France, the company continues its international expansion and has ambitions to own and operate over 4,000 charging points and manage over 40,000 through its platform by 2025 with a capex plan of over €300m over that period.

Daniel Perez, Zunder’s CEO commented ‘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.’

Mirova is a global management company dedicated to sustainable investment with €25bn assets under management[4] that offers its clients investment solutions that combine the search for financial performance with environmental and social impact. Mirova recently raised €1.6bn for its latest energy transition infrastructure fund. Zunder’s equity investment reaffirms Mirova’s commitment towards the electrification of transport and EV charging infrastructure after its investment in leading French EV charging player Driveco in 2020.

Witold Marais, Investment Director at Mirova stated: ‘The decarbonation 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’.

Via this initial €100m equity investment made through its Mirova Energy Transition 5 fund[1], Mirova secures a minority interest in the company, while WSC and Co-Investors remain as majority shareholders.

Zunder is backed by White Summit Capital, a Switzerland-based investor and asset manager specialised in sustainable energy infrastructure, with over €1.5bn of assets under management[2]. WSC focuses on deploying capital into opportunities with strong decarbonisation and sustainability vectors.

Alexandra Chenguelly, Principal at WSC, added that “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’.

The equity investment is pending approval from Zunder EGM which is set to receive the approval of WSC and Co-Investors. Mediobanca and Uria acted respectively as Financial and Legal Advisors of Zunder. Acron Beka and Cuatrecasas advised Mirova.

[1] EV: Electric Vehicles
[2] Source: AEDIVE (Asociación Empresarial para el Desarrollo e Impulso de la Movilidad Eléctrica) 3Q 2022 EV registrations
[3] Source: INE (Spanish National Statistical Institute)
[4] Source: AUVE Awards 2022
[5] Mirova and its affiliates as of June 30, 2022

About Zunder

Zunder founded in 20217 by Daniel Pérez, is the largest independent EV ultra-fast-charging operator in Iberia and the best-rated company by users in its market. The company has in 2022 more than 150 charging points in Spain. On their international expansion they will open soon their first own charging point in France and next will come Portugal and Italy. By 2025 expects to operate over 4,000 charging points and manage over 40,000 through its platform.

About White Summit Capital

White Summit Capital (WSC) is an investor and asset manager specialising in sustainable energy infrastructure. WSC seeks to deploy capital into superior risk return opportunities with strong decarbonisation and sustainability vectors which will ultimately have a positive impact on the environment, and society. The firm has offices in Madrid, Zurich, London and Mexico City and a team of 30 professionals.

Website: https://whitesummitcap.com
contact@whitesummitcap.com
https://www.linkedin.com/company/wscap/

About Mirova

Mirova is a management company dedicated to sustainable investments and an affiliate of Natixis Investment Managers. Through conviction management, Mirova’s goal is to combine long-term value creation and sustainable development. Pioneers in many areas of sustainable finance, Mirova’s talents aim to continue innovating in order to offer their clients solutions with high environmental and social impact.
Mirova has been active in the energy transition infrastructure sector for 20 years and has financed more than 330 projects for a total of over 6.5 GW of potential generation capacity across Europe and Asia. Reaffirming its position as a major European player in renewable energy, storage and low-carbon mobility, the company has recently completed the raising of €1.6 billion for its fifth energy transition infrastructure equity fund.

[6] Mirova Energy Transition 5 (MET5) is a French limited partnership (Société de Libre Partenariat), open to subscription to eligible investors as defined by the fund’s regulation. Mirova is the management company. The supervisory authority approval is not required for this fund. The fund is exposed to risk of capital loss, market risks, industrial and public counterparty risk, credit risk, liquidity risk, project risk, operational risk, compliance risk, legal and regulatory risk, financial risk, electricity transmission and distribution network risk, valuation risk, deal flow risk.
[7] Assets Under Management and Managed Investments

Mirova and its affiliates manage €25.5 billion as of June 30, 2022 and c. €3,4 Billion for energy transition infrastructure investments as of August 31, 2022.
Mirova is mission-driven company, labeled B Corp*.
*The reference to a ranking or a label does not prejudge the future performance of the funds or its managers.

MIROVA

Portfolio Management Company – Anonymous Company
RCS Paris No.394 648 216 – AMF Accreditation No. GP 02-014
59, Avenue Pierre Mendes France – 75013 – Paris
Mirova is an affiliate of Natixis Investment Managers.
Website:www.mirova.com
Follow Mirova on LinkedIn and Twitter

About Natixis Investment Managers

Natixis Investment Managers’ multi-affiliate approach connects clients to the independent thinking and focused expertise of more than 20 active managers. Ranked among the world’s largest asset managers1 with more than $1.1 trillion assets under management2 (€1.1 trillion), Natixis Investment Managers delivers a diverse range of solutions across asset classes, styles, and vehicles, including innovative environmental, social, and governance (ESG) strategies and products dedicated to advancing sustainable finance. The firm partners with clients in order to understand their unique needs and provide insights and investment solutions tailored to their long-term goals. Headquartered in Paris and Boston, Natixis Investment Managers is part of the Global Financial Services division of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d’Epargne retail networks. Additionally, investment solutions are offered through Natixis Investment Managers Solutions and Natixis Advisors, LLC. Not all offerings are available in all jurisdictions. For additional information, please visit Natixis Investment Managers’ website at im.natixis.com | LinkedIn: linkedin.com/company/natixis-investment-managers.

Natixis Investment Managers’ distribution and service groups include Natixis Distribution, LLC, a limited purpose broker-dealer and the distributor of various U.S. registered investment companies for which advisory services are provided by affiliated firms of Natixis Investment Managers, Natixis Investment Managers S.A. (Luxembourg), Natixis Investment Managers International (France), and their affiliated distribution and service entities in Europe and Asia.

1 Cerulli Quantitative Update: Global Markets 2021 ranked Natixis Investment Managers as the 15th largest asset manager in the world based on assets under management as of December 31, 2020.

2 Assets under management (“AUM”) of current affiliated entities measured as of June 30, 2022 are $1,156.7 billion (€1,106.7 billion). AUM, as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of non-regulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers.

NATIXIS INVESTMENT MANAGERS

French Public Limited liability company
RCS Paris n°453 952 681
Registered Office: 43, avenue Pierre Mendès-France – 75013 Paris
Natixis Investment Managers is a subsidiary of Natixis.

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