EIB to fast charge Spanish EV network with €40m loan
A €40 million ($42.9 million) loan from the European Investment Bank (EIB) is the latest round of funding to grace Spanish start-up Zunder’s prospects to create a fast-charging network of 4,000 ultra-fast charge Electric Vehicle (EV) charge points across the country.
The EIB loan will fuel Zunder’s development plan and speed up the electrification of road transport in Spain, mitigating around 1 million tonnes of CO2 emissions between 2023 and 2031.
Zunder’s ultimate goal is to install a fast and ultra-fast charging network along the trans-European Transport Network (TEN-T) in Spain.
Based in Palencia, Zunder’s plan will be bolstered by financial support from the EIB in Spain, shortening timelines and increasing the number of projects it can carry out under its expansion plan.
Most of the chargers are expected to be installed in EU cohesion regions, where the Gross Domestic Product (GDP) per capita is below the EU average, such as in Castilla y León. This is where Zunder is based, in the city of Palencia.
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Since its establishment in 2017, Zunder has been backed by international investors such as Mirova, which recently acquired a €100 million ($107 million) stake in the company.
Announced in October 2022, the global management company’s equity investment in Zunder saw them secure minority interest (25%), with asset manager White Summit Capital (WSC) and co-investors as the remaining majority shareholders.
The EIB commented how their investment in Zunder’s EV operations thus demonstrates their commitment to prioritising projects in these regions of Spain and Europe, contributing to its cohesion and regional development objectives.
On this, EIB vice-president Ricardo Mourinho Félix highlighted: “We are pleased to be joining forces with Zunder in a project that promotes electric mobility in Spain. Investing in infrastructure that facilitates electromobility will open the way for electric vehicles and help to decarbonise transport, one of the sectors with the highest greenhouse gas emissions.
Added commissioner for transport Adina Vălean: “This type of large-scale initiatives are just what we envisaged when we included in our Sustainable and Smart Mobility Strategy the ambition of having at least one million public recharging points on our roads by 2025.
“We are committed to accelerating the transition towards sustainable mobility and we aim to scale-up investment not only through the Connecting Europe Facility, but also with the EIB through the InvestEU Programme.”
Zunder cites how the projects is both in line with EU policies on sustainable transport and low-emission mobility.
It also falls under EU objectives such as decarbonisation, sustainable transport and TEN-T infrastructure development.
