- The EIB has provided €25 million in financing for a subsidiary of the Be Power SpA group
- The 10-year loan will fund the expansion plan of Be Charge, one of the leading players in electric vehicle charging stations in Italy.
Milan/Rome, 16 December 2019 – The European Investment Bank (EIB) has backed Be Charge in its plan to expand the network of electric vehicle charging stations throughout Italy. With this goal, the agreement between the EIB and Be Charge, one of Italy’s main operators developing sustainable transport infrastructure, was signed today in Rome. Be Charge is set to receive €25 million in financing for the duration of 10 years. The project will be supported by the European Commission through the Connecting Europe Facility (CEF).
Dario Scannapieco, Vice President of the EIB, stated: “I’m particularly happy with this first Italian operation in relation to the new “future mobility” facility in partnership with the Commission. The development of a network of electric vehicle charging stations will accelerate national access to forms of clean transportation.”
Be Charge is developing one of the biggest publicly-available electric vehicle charging networks in Italy in order to make a decisive contribution to the development of a sustainable transportation system. As of today, over 1,000 charging points have already been installed nationally and over 5,000 are being designed or installed, as part of a plan that, over the next few years, will reach 30,000 points, using both alternating current (22 kW) and direct current up to 300kW.
“Our plan is ambitious and having the EIB at our side as we make this goal a reality is important, a confirmation of our business model”, explained Paolo Martini, CEO of Be Charge and Be Power. “We are committed to creating one of the most advanced, widespread networks, which we hope will help increase the number of electric vehicles on the road in Italy. This new transportation paradigm will be incredibly beneficial to the environment, improving everyday life and the way people move about”.
For the EIB, this effort falls into one of the main veins of its activity: financing projects to combat climate change in the innovation and sustainable transport industries.
“EIB financing highlights the success of an integrated business model that takes advantage of opportunities linked to the global trend of electrification of transport, which will play a fundamental role in the progressive decarbonisation of our economy”, stressed Paolo Amato, President of Be Power SpA, defining electric transportation as “a development opportunity for the entire country” that is able to attract international investors.
“We’re happy that the company has reached this important milestone”, declared Massimo Resta, board member of Be Power SpA and a partner in Zouk Capital LLP, the majority shareholder of Be Power through one of its infrastructure funds. “It is an important achievement, proof of the value created as investors in Italy in a strategic industry, such as that of electric vehicles.”