GERMANY. Qwello receives 65 million euros in debt capital

The charging infrastructure provider Qwello has announced the conclusion of debt financing. The debt capital of up to 65 million euros will be used to refinance part of the purchase price for Park & Charge (PnC), which can be invested in Qwello's European expansion and the further growth of PnC.

Just a few months ago, Qwello took over Park & Charge, which was founded in 2016. The acquisition by the Munich-based charging infrastructure provider will allow the Dutch company to operate independently in its home market and focus on growth in the public sector. The cooperation will enable both parties to expand more quickly and thus meet the growing demand for charging stations, according to the takeover.

Just over four months later, Qwello announced the successful completion of a debt financing round with ABN AMRO and Investec. “The financing follows the company’s recent acquisition of Dutch leading CP operator Park & Charge (“PnC”) which closed in May. The facility of up to €65 million includes the refinancing of part of the acquisition purchase price for PnC which can be redeployed into Qwello’s European expansion as well as further growth funding for PnC through a capex facility and a revolving loan,” the charging infrastructure company wrote in an accompanying statement.

“The financing is a testament to the strength of the company and its business model amidst the backdrop of both robust CP utilization within the Qwello portfolio and positive market tailwinds related to the growth of electric vehicle adoption and public CP demand. We are looking forward to expanding our footprint by being a trusted provider of critical infrastructure to municipalities across Europe. This new partnership with ABN AMRO and Investec creates a springboard for continued growth,” said Qwello founder Henrik Thiele.

Incidentally, Qwello was advised by PwC Netherlands. Support came from private equity firm Tiger Infrastructure, which specialises in providing transformative growth capital for medium-sized infrastructure companies. Tiger Infrastructure, for its part, already invested 50 million euros in Qwello in 2021. With these funds, the Munich-based company was able to establish itself as an operator of charging stations in the Swedish metropolis of Stockholm.

However, Qwello began operating its self-developed charging stations in 2020. The starting signal was given in Munich, followed shortly afterwards by Hamburg. The company is now also represented in Berlin, Essen and Frankfurt.

According to its own statement, Qwello currently operates more than 10,000 charging points “via public concessions with local municipalities and investment of private capital.” In addition to Germany, the Netherlands and Sweden, the charging infrastructure company is also active in the UK, France, Spain and Poland.