Qwello Secures €65 Million in Debt Financing for Expansion
Charging infrastructure provider Qwello has secured up to €65 million in debt financing. The funds will be used to refinance part of the acquisition cost of Park & Charge (PnC) and support Qwello's ongoing European expansion, as well as the growth of PnC.
Earlier this year, Qwello acquired Park & Charge, a Dutch company founded in 2016. Despite the acquisition, PnC will continue to operate independently in its home market, focusing on expanding its public sector presence. The collaboration aims to meet the increasing demand for charging stations across Europe.
Four months after the acquisition, Qwello announced the successful debt financing round, led by ABN AMRO and Investec. According to the company, the €65 million facility will help refinance part of the acquisition costs and support Qwello's European growth, along with further development for PnC through a capital expenditure facility and a revolving loan.
Qwello founder Henrik Thiele commented, "The financing underscores the strength of our business model, as we continue to experience high demand for our charging stations and benefit from the increasing adoption of electric vehicles. This partnership with ABN AMRO and Investec will enable us to expand our presence and offer essential infrastructure to municipalities across Europe."
PwC Netherlands advised Qwello during the financing process, with additional support from private equity firm Tiger Infrastructure. In 2021, Tiger Infrastructure invested €50 million in Qwello, helping the Munich-based company establish its charging operations in Stockholm, Sweden.
Qwello began deploying its self-developed charging stations in 2020, starting in Munich, followed by Hamburg, and later expanding to Berlin, Essen, and Frankfurt. The company now operates more than 10,000 charging points through public concessions with local municipalities, with a presence in Germany, the Netherlands, Sweden, the UK, France, Spain, and Poland.
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