Electric vehicles are believed to be the future of sustainable mobility. Eventually, the adoption of e-vehicles has grown exponentially during recent times. However, a major hurdle that’s slamming the brakes on the rapid adoption of EVs is the lack of charging points. This is where the French startup Zeplug comes into play. Now, the startup has secured an investment of €5M.
Investment from LBO France’s fund
Based out of Paris, Zeplug has secured €5M Series B funding from LBO France’s NewStone fund. This is the first investment made by the fund. The latest investment will be used for the expansion of Zeplug and help it focus on co-owned buildings. Also, the startup will be able to bolster its position in the corporate market.
“We are delighted to have LBO France’s support in this rapid-growth phase, helped by government measures to support e-mobility. Adoption of e-vehicles is growing exponentially – they had 10% of the market in October 2020 – and the rollout of charging points in co-owned buildings and companies is a key issue. LBO France has expertise in real estate and in backing successful companies, making it an ideal partner for ZEPLUG,” says Frédéric Renaudeau, founding chairman of Zeplug.
“In a world ever more aware of the new challenges of today, value creation cannot ignore the future of humanity and its environment. We are proud of this first investment, right in the core strategy of our new fund NewStone and its objectives of sustainable development. Electric and hybrid vehicles are set to make up more than half of all vehicle sales by 2030. Zeplug, which plans to support this fast-growing market, is positioned as a pioneer in e-vehicle recharging equipment. Its B2B and B2C business model, supported by strategic partnerships with the biggest automotive manufacturers, is highly promising”, said Stéphanie Casciola, Partner and Head of Real Estate at LBO France.
Proptech fund from LBO
LBO France operates in the real estate sector and focuses on the proptech startups that intend to revolutionise the industry with innovative products and services. Its NewStone Fund will invest in around 15 startups in the French proptech market segment operating with a strong societal and environmental approach, claims LBO France.
What makes Zeplug unique?
Founded in 2014 by Frédéric Renaudeau in Paris, Zeplug provides charging points in residential buildings sans any additional charge to the co-owners of the building, and with no management burden on the managing agent.
The startup does this by running a separate power supply that is no way connected to the common areas. This power supply will be dedicated only to recharging electric vehicles. The end-user will have to pay only for the installation of the charging point in their parking space and a flat all-inclusive monthly fee, which comprises the maintenance cost and electricity consumption.
Sustainable EV charging points!
The electric vehicles’ charging solution offered by Zeplug is claimed to use 100% renewable energy. Moreover, the company offers a customised solution for companies that provide on-site or at-home recharging for employees in order to meet the target of realising green auto fleets.
Zeplug has already installed 1,000 active points in over 500 co-owned buildings. With 50 employees, its solution has been approved by over 2,000 co-owned buildings and another 3,000 are awaiting approval. The startup has established a close partnership with 17 automotive manufacturers and a network of recharging infrastructure installers, among others.
Main image picture credits: Zeplug