Arnhem-based Allego, a pan-European electric vehicle charge point operator, has secured €20M loan from the European Bank for Reconstruction and Development (EBRD) for the CROSS-E project, co-funded by the EU.
This funding will bolster Allego’s efforts to expand its EV-charging infrastructure in Poland as part of its broader Eastern European growth strategy.
Vianney Heeren, Director of Structured Finance at Allego, says, “With this financing, we can go forward with our infrastructure initiatives much more quickly, guaranteeing that Allego will support Poland’s quick transition to electric vehicles. It demonstrates our business strategy’s capacity to expand operations successfully throughout Europe.”
The CROSS-E project!
The CROSS-E project aims to advance zero-emission travel by installing 911 high-powered EV charging points (150 kW and 350 kW) across 239 locations in Europe.
Led by Allego, Petrol Group, GreenWay, and Emobility Solutions, the initiative will invest €130M in charging infrastructure, supported by a €34.45M grant from the EU. The project is set to be completed by October 2026.
The CROSS-E project includes two key initiatives, CROSS-E General and CROSS-E Cohesion. Co-funded by the EU’s Connecting Europe Facility (CEF), these initiatives aim to enhance existing infrastructure by improving cross-border connections between neighbouring countries.
CROSS-E installations will follow the EU’s Alternative Fuels Infrastructure Regulation (AFIR), ensuring 24/7 public access and supporting various payment methods. The project will also provide insights for broader Heavy Duty Vehicles (HDV) charging deployments across Europe.
Capital utilisation
The EBRD loan will facilitate the installation and management of 200 EV charging points at 50 locations throughout Poland. This investment is crucial for Poland, which lags behind other EU nations in EV infrastructure and adoption.
The loan will also enable Allego to receive backing from the CEF-Transport Alternative Fuels Infrastructure Facility, helping in the decarbonisation of the Trans-European Transport Network.
Gunnar Landfester, Allego’s MD for Central & Eastern Europe, says, “This financial support will improve greater EV adoption in Europe, specifically in Eastern Europe. Thanks to this, we can expand our network and further our goal of creating highly efficient charging for all EV drivers.”
According to a statement from Allego, electric vehicle adoption in Poland is currently among the lowest in Europe in terms of EV charging penetration. It is set to improve with Allego’s initiative to install over 200 light and heavy-duty vehicles (LDV /HDV) EV recharging points across over 50 locations.
Additionally, Allego will maintain and support new EV charging points in Poland, improving user experience with smart charging and billing. The project, co-funded by the EU’s Connecting Europe Facility (CEF) programme, supports European transport infrastructure along the TEN-T Network and in Urban Nodes.
What does Allego offer?
Allego is a provider of electric vehicle charging solutions, focused on advancing electric mobility with 100 per cent renewable energy. With 35,000 charging points across 16 countries, Allego offers infrastructure and software, including Allamo and EV Cloud platforms.
Allego handles the full spectrum of EV charging services, including installation, maintenance, power grid connections, and smart charging and billing.
Founded in 2013, the company claims that its team of 220 works to make EV charging reliable, accessible, and sustainable.
Allego to voluntarily delist from the New York Stock Exchange
In June 2024, Allego and its majority shareholder, Madeleine Charging, announced a deal where Meridiam acquired all Allego shares not already owned through a tender offer, priced at $1.70 per share. With this tender offer, Allego was to delist from the New York Stock Exchange voluntarily.
Additionally, Meridiam committed €46M for developing charging sites in Germany and provided an additional €310M for Allego’s growth.
Earlier this month, on August 1, the Dutch company announced that Meridiam acquired 38,718,988 shares, increasing its stake to 86.6 per cent of Allego’s outstanding shares. Allego now plans to complete its delisting by August 22, 2024, to focus on long-term growth without public market pressures.
The Dutch company will file a Form 25 with the US Securities and Exchange Commission (SEC) on August 12, 2024, with the delisting expected to take effect 10 days later. Consequently, the last trading day of Allego’s shares on the NYSE is anticipated to be around August 22, 2024.
Brief about EBRD
The European Bank for Reconstruction and Development (EBRD) is a multilateral bank focused on fostering private sector development and entrepreneurial initiatives in 36 economies across three continents.
Owned by 73 countries, the EU, and the European Investment Bank (EIB), EBRD investments aim to enhance competitiveness, governance, sustainability, inclusivity, resilience, and integration in its regions.
The EBRD, an investor in Poland with over €14B invested in 532 projects since 1991, continues its commitment to the country with a record €1.3B investment last year.
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