Wattif EV, a Norwegian provider of charging stations for electric vehicles, has secured a €50 million investment from Marguerite, a leading investment fund manager for sustainable infrastructure projects in Europe. The investment will be included in Marguerite’s latest fund, Marguerite III. Wattif EV plans to use the funding to rapidly build over 120,000 new charging stations across Europe and expand its sales team in key automotive markets.
The company’s business model includes sharing net revenues with the site owner, and it claims its proprietary software is compatible with a wide range of hardware. This approach has reportedly helped the company secure several large projects by the end of 2022.
Wattif operates in several countries including Norway, Sweden, Germany, Austria, Ireland and the UK. In March of the previous year, Wattif EV and Smart Parkering Sverige partnered to offer charging options for 250,000 parking spots in Sweden, primarily managed by Smart Parkering Sverige.
Wattif EV also established Wattif Europe GmbH in Braunschweig, Germany in September 2022, and recently announced its expansion into Austria with an office opening in Innsbruck in November.
According to Jörg Koch-Losekamm, the managing director of Wattif Europe GmbH, the company provides a comprehensive solution that includes planning, installation, operation, and billing. He also stated that they are able to cover the investment costs to reduce the barriers for expansion.
He added that the rapid growth and positive response from customers since the company’s establishment demonstrate that the partnership model they have implemented is effective and efficient.
“Marguerite’s investment is of significant value to Wattif at a pivotal time for us, with changes in European EV legislation and EV transport requirements foreseen over the next 5 to 10 years,” says Wattif CEO Robert Svendsen. “The timing is perfect and helps Wattif EV in enabling change now and will therefore be of influence in delivering sustainable driving behaviour and contributing to net zero targets”