Bulgaria, Lithuania, and Romania are set for a major EV boost with a €15 million investment in Eldrive Holding

  • The EBRD is investing €15 million in Eldrive to expand EV charging stations in Bulgaria, Lithuania, and Romania.
  • The EIB is providing €40 million venture debt, supporting EU decarbonisation goals and addressing transport sector CO2 emissions.
  • EBRD’s first equity investment in a charging point operator aims to enhance EV infrastructure and promote adoption.

Eldrive Holding gains huge €15 million investment to boost EV infrastructure in Bulgaria, Lithuania, and Romania

The European Bank for Reconstruction and Development (EBRD) is investing €15 million in Eldrive Holding GmbH. Eldrive is a key operator of EV charge points in Bulgaria, Lithuania, and Romania. This marks the EBRD’s first equity investment in a charging point operator. Eldrive plans to install 7,400 new EV charging stations by 2028, massively expanding the 900 it currently operates.

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Sue Barrett, EBRD Director for Infrastructure in Europe, the Middle East and Africa commented: 

“This is the EBRD’s first equity investment in a charging point operator (CPO) and we are pleased to support Eldrive’s expansion plans in Bulgaria, Lithuania and Romania. We hope this investment will pave the way for many other EV infrastructure investments across the region and help speed up the decarbonisation of the transport sector in Europe.”

The European Investment Bank (EIB) is also supporting the project with a €40 million venture debt facility. These investments align with the European Union’s decarbonisation objectives. In 2022, the transport sector was responsible for 22% of global CO2 emissions. The EU targets one million public EV charging stations by 2025 and three million by 2030, but central, southern, and eastern Europe lag behind western Europe in infrastructure availability.

Stefan Spassov, Eldrive CEO, added: 

“We are excited to welcome the EBRD as an equity investor in Eldrive. Being the first CPO to receive such an investment makes us proud and shows the potential and resilience of our business strategy and model. This is great recognition not only for Eldrive but for the whole European electric mobility sector.”

Eldrive is owned by Renalfa Solarpro Group, an Austrian-based clean energy investment group focused on renewable energy projects. The EBRD, a leader in climate finance, has committed to aligning its activities with the Paris Agreement. It also aims to ensure that at least half of its annual investments are green by 2025.

This investment represents a significant step towards enhancing EV infrastructure in Bulgaria, Lithuania, and Romania. A major focus of World EV Day this year will be to highlight the massive advancements in infrastructure around the world. With reliable, consistent charging infrastructure, drivers can get around without concern. Eliminating those fears, uncertainties, and doubts is essential for widespread adoption. 

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