Zunder, a company specializing in electric vehicle charging infrastructure across Europe, has secured a €225 million ($242.9 million) loan from Spanish bank Santander, marking a significant step in its expansion strategy.
The move comes amidst increasing governmental efforts worldwide to promote electric vehicles as part of environmental protection initiatives aimed at reducing greenhouse gas emissions.
“This agreement with Santander represents a key step in our commitment to expanding electric vehicles in Europe and a boost to our growth strategy, both in the Spanish and European markets,” said Zunder CEO Daniel Perez. “We are very proud that an entity like Santander trusts our project, granting us the largest syndicated financing signed to date in the electric mobility sector.”
According to European car industry body ACEA, the European Union faces a pressing need to significantly increase its installation rate of electric vehicle charging points.
Zunder’s €225 million loan will facilitate the installation of over 3,000 new charging points across several European countries, including France, Portugal, and Italy.
