Commercial fleet electrification company VEV has secured a new investment led by Jolt Capital to support its expansion across Europe as an independent business.
The investment comes from Jolt Capital V, a fund targeting €1 billion to finance the growth of about 20 European deeptech companies. Finland’s state-owned investment company Tesi is joining the transaction as a co-investor, while Jolt Capital and Tesi will acquire Vitol’s stake in VEV.
The new ownership structure is expected to support VEV’s expansion into markets including France, Germany and the Netherlands, alongside targeted acquisitions and continued product development.
VEV Reaches 6,000 Commercial EV Milestone
The investment comes as VEV reaches 6,000 commercial electric vehicles served across Europe, including more than 5,000 in the United Kingdom.
Founded by Vitol, the company provides an integrated approach to commercial fleet electrification, combining fleet strategy, charging and energy infrastructure, energy supply and operational services.
VEV’s model reflects the increasing integration between transportation and energy systems as commercial operators transition from internal combustion vehicles to electric fleets.
VEV IQ Connects Fleet And Energy Assets
A central component of VEV’s offering is VEV IQ, its charging and energy management platform.
The system gives fleet operators real-time visibility and control of vehicles, charging equipment and on-site energy assets through a single platform. VEV said the technology has been deployed across more than 600 sites in the transport, logistics and waste sectors.
The company’s approach focuses on coordinating vehicles and charging infrastructure with wider energy assets, including on-site generation and battery storage.
Jolt Capital Backs European Expansion
Clara Audry, General Partner at Jolt Capital, said commercial transport is entering a period in which software, energy management and operational capabilities will become increasingly important as fleets electrify.
“Technology has transformed how consumers manage energy – commercial transport is now at a similar inflection point. As fleets electrify, the challenge lies in intelligently managing the flow of energy across vehicles, depots and power networks. Success will belong to companies that combine software, energy expertise and operational execution at scale,” Audry said.
“VEV is one of the few European platforms bringing those capabilities together, already powering more than 20% of the UK heavy-fleet energy market. We are excited to support the company in its next stage of growth and in building a category-leading platform for electric mobility,” she said.
Jolt Capital’s investment is part of its strategy to support European deeptech companies as they scale their technologies and operations.
VEV Targets Acquisitions And Product Development
VEV CEO Mike Nakrani said the company sees fleet electrification as increasingly focused on integrating vehicles, infrastructure, energy and operations rather than simply replacing combustion vehicles with electric alternatives.
“For fleet operators, the challenge is no longer simply choosing electric vehicles. It’s about integrating infrastructure, energy and operations in a way that is reliable, cost-effective and scalable,” Nakrani said.
“We see EVs as a critical part of the future energy system, where vehicles, charging infrastructure, onsite generation and battery storage work together to strengthen resilience, reduce costs and unlock greater value from electrification,” he said.
Nakrani said VEV intends to pursue targeted acquisitions and continue developing its technology as commercial fleet electrification moves toward larger-scale deployment.
“The business has expanded rapidly as the sector moves from early adoption to large-scale deployment. We see significant opportunities ahead through targeted acquisitions and continued product innovation, drawing on our expertise across both transport and energy to help customers electrify fleets at scale,” Nakrani said.
The CEO also credited Vitol with helping establish VEV and develop its position as the market evolved.
“Vitol’s support enabled us to establish the business in a market that has evolved at pace. Now, as an independent company backed by Jolt Capital and Tesi, we are well-positioned to accelerate our expansion, broaden our capabilities and support customers across Europe,” Nakrani said.
The transaction gives VEV new European ownership while providing capital for further expansion, acquisitions and technology development across the commercial fleet electrification market.