Arnhem-based Allego, a leading pan-European electric vehicle (EV) charge point operator, has secured a €20 million loan from the European Bank for Reconstruction and Development (EBRD). This funding is earmarked for Allego’s CROSS-E project, aimed at significantly expanding EV charging infrastructure across Poland as part of a broader strategy to enhance its presence in Eastern Europe.
The CROSS-E project, led by Allego in collaboration with Petrol Group, GreenWay, and Emobility Solutions, is a €130 million initiative supported by a €34.45 million grant from the European Union. The project will see the installation of 911 high-powered EV charging points across 239 locations in Europe by October 2026. The focus is on promoting zero-emission travel, ensuring 24/7 public access, and supporting various payment methods to enhance user convenience.
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Capital Utilization and Strategic Growth
The €20 million loan from the EBRD will facilitate the deployment of 200 EV charging points at 50 locations throughout Poland. This investment is crucial for improving EV adoption in Poland, which currently lags behind other EU countries in terms of EV infrastructure. The funding will also enable Allego to secure support from the EU’s Connecting Europe Facility (CEF) program, aiding in the decarbonization of the Trans-European Transport Network.
Strategic Moves and Future Prospects
Managing Director for Central & Eastern Europe, Gunnar Landfester, highlighted the importance of this financial backing, stating, “This support will enable greater EV adoption in Europe, particularly in Eastern Europe, allowing us to expand our network and create efficient charging solutions for all EV drivers.”
In addition to expanding its infrastructure, the dutch firm is set to voluntarily delist from the New York Stock Exchange (NYSE) by August 22, 2024. This move follows a tender offer by Meridiam, Allego’s majority shareholder, to acquire all remaining shares at $1.70 per share. The delisting will allow the charge point operator to focus on long-term growth without the pressures of public market demands.
About Allego
Founded in 2013, the company has grown into a major provider of EV charging solutions across 16 countries, with 35,000 charging points in operation. The company focuses on offering reliable, accessible, and sustainable EV charging services, powered by 100% renewable energy. Allego’s comprehensive service offerings include installation, maintenance, power grid connections, and smart charging and billing solutions.
With this substantial investment, the startup is poised to further its mission of advancing electric mobility across Europe, driving the transition to a greener and more sustainable future.
