- Global alternative asset manager, ICG, is investing €240 million into ZEPLUG through its infrastructure investment arm (“ICG Infra”)
- As part of the transaction, a business combination is implemented between ZEPLUG and BORNES SOLUTIONS, a subsidy of OCEA SMART BUILDING – portfolio company of ICG Infra
- The transaction will consolidate ZEPLUG’s position and fund its European and US expansion
ZEPLUG, a leading European provider of Electric Vehicle (“EV”) charging services in multi-occupant and office buildings announced today that it has closed a EUR 240 million transaction enabling the company to receive a significant primary capital investment from ICG Infra and to combine with BORNES SOLUTIONS, a subsidiary of OCEA SMART BUILDING – portfolio company of ICG Infra.
The transaction provides a major milestone in the history of ZEPLUG as well as the energy transition industry. The integration of BORNES SOLUTIONS will bring great complementarities to consolidate its position in the French market. Besides, ZEPLUG will use the capital raised from ICG Infra to fund its expansion and further accelerate the growth in Europe and in the US.
Since its foundation in 2014, ZEPLUG has pioneered energy transition through its integrated model that addresses the challenges of EV charging in multi-family and office buildings. The funding will unlock the next phase of ZEPLUG’s growth through the replication and rollout of its highly scalable EV charging solution.
Guillaume d’Engremont, Head of ICG Infra:
ZEPLUG has been a pioneer in the space since 2014 and we have always been impressed by the vision and quality of its founders and management team. We are extremely happy to take part in this new phase of growth with them, and at the same time to see BORNES SOLUTIONS integrate the group. All the ingredients are now in place to further accelerate its development.
Frederic Renaudeau, Founder & President, Nicolas Banchet, CEO, and Gilles Gomis, Deputy-CEO, ZEPLUG:
We founded ZEPLUG with the vision to enable the global transition to more energy-efficient mobility precisely where it is needed the most, in dense urban areas, by allowing users to conveniently charge their vehicles when they are parked anyway, i.e. essentially at home at night and at work.
The transaction will strengthen ZEPLUG’s position in France while providing us with the financial means to fuel our growth in the US and expand our presence in other parts of Europe. It will also enable us to grow our Tech platform, with additional features for smart charging, energy optimisation and streamlining of the overall infrastructure cost at a global scale.
We are thrilled to welcome BORNES SOLUTIONS into our organisation and we are proud to partner with ICG Infra, who is committed to the long-term journey of ZEPLUG. It is exciting to see the appetite and support of global leading investors towards the scale up of our group; this is a great milestone for our company as well as the entire EV charging industry.
Emmanuel Croc, CEO of OCEA SMART BUILDING and President of BORNES SOLUTIONS, and Jérôme Princet, Founder of BORNES SOLUTIONS:
We are very happy to take part in the creation of a major player in EV charging in residential and office buildings with the contribution of BORNES SOLUTIONS to ZEPLUG. OCEA SMART BUILDING and ZEPLUG will be collaborating within the framework of a strategic partnership to be able to offer the best smart metering and EV charging solutions to their real estate customers.
Jean Abou Jaoude, representative of Clenergia on ZEPLUG’s strategic committee:
We have believed in the management team of ZEPLUG, its vision and its business model since 2018, and remain significant, active and committed shareholders in the company. We see ICG Infra’s investment as a validation of our thesis and are excited to welcome them as a partner that will help the ZEPLUG team implement its strategy and business plan.
Credit Suisse served as exclusive placement agent to ZEPLUG in connection with the transaction.
For further information
ICG
Clare Glynn
Euros / Agency
Pauline Rivière: +33 6 08 94 27 33
Emma Fernandes: +33 6 31 60 20 70
About ZEPLUG
ZEPLUG is a leading European provider of EV charging services, with also a growing presence in the US. Its infrastructure model consists of operating, installing and owning charging points in multi-occupant / office buildings. ZEPLUG offers an innovative, tech-enabled solution to address the challenges of implementing EV charging solutions in these buildings (communal investment required, technical requirements, load peaking, etc.).
Zeplug finances and owns the charging infrastructure in buildings while charging a fixed monthly subscription fee to its customers. With buildings already validated, ZEPLUG covers a footprint of c.500,000 potential parking spots. ZEPLUG partners with 18 OEMs like Audi, BMW, Volvo and VW, to name a few and more than 1,000 property management companies who actively push ZEPLUG’s solution to their customers.
About ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $71bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.
ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Twitter.
About Bornes Solutions
BORNES SOLUTIONS is a major French provider of EV charging solutions for residential buildings (condominiums and social housing) and for tertiary buildings. BORNES SOLUTIONS, founded by Jérôme Princet, launched its solution in 2015 and joined OCEA SMART BUILDING in 2019. BORNES SOLUTIONS proposes financed solutions in an infrastructure model with fees paid only by EV charging users in the building.
With the help of OCEA SMART BUILDING and its 29 agencies and 550 employees, BORNES SOLUTIONS has developed a large portfolio of customers all around France.
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