16 February 2023
PowerGo and parent organisation PowerField announced to have raised approximately €500 million in structured equity and portfolio financing. This makes it possible to realize a significant increase in scale and its sustainability ambitions. The companies will use these resources for the further development of an integrated platform with solar parks, batteries for energy storage and charging stations for electric vehicles with PowerGo.
With this investment, PowerGo wants to play an important role in the roll-out of a fast-charging network in Germany and the rest of Europe. Here in Germany, the first charging stations will be installed and taken into use in the coming months.
Combination of solar energy, charging solutions and energy storage
PowerField has almost 300 MWp of operational and ready-to-build solar projects in the Netherlands. Where possible, PowerField installs batteries to make best use of grid capacity. This solution makes it possible to store excess energy produced by a solar park in a battery, reducing the capacity problems that occur within the Dutch electricity grid.
PowerGo is a strong emerging player in the European (fast) charging industry for electric vehicles. The charging points are supplied with solar energy from Dutch soil. PowerGo has more than 650 (fast) charging points in operation and a portfolio of strong contracts and leads in several countries in Europe.
PowerGo not only makes an important contribution to Europe’s energy transition, but also to the roll-out of a European fast charging network. PowerGo offers a solution for (public) charging points for business and location owners. Also, PowerGo offers a future proof solution for fleet operators. PowerGo builds and manages the public charging points of a location and charging hubs of the electric fleet. In this way, all worries are taken out of the hands of location owners. PowerGo offers a total solution; everything needed to be able to deploy the public chargers and the electric fleet efficiently and sustainably.
Virtual power plant
Ivo van Dam, Chief Technology Officer of PowerGo: “We want to build the largest virtual power plant in Europe, in which we combine solar energy with storage in batteries and charging facilities for electric cars. We are proud that both EIG and LBBW have joined us and that we have found two partners who support our ambitions and want to help us achieve the sustainable energy transition.”
About PowerGo and PowerField
PowerField is a Dutch company that develops, builds and manages solar parks, charging stations and energy storage systems. Since its existence, PowerField has developed more than 1000 MWp of solar parks. In addition, PowerField is involved in the development of energy storage in batteries. Its subsidiary PowerGo is a strong emerging player in the European (fast) charging industry for electric vehicles. The charging points are supplied with solar energy from Dutch soil.
EIG is a leading institutional investor in the global energy and infrastructure sector, with assets under management of USD 22.7 billion as of December 31, 2022. EIG specializes in privately held investments in energy and energy-related infrastructure around the world. In its 41-year history, EIG has invested over USD 44.6 billion in the energy sector through 394 projects or companies in 42 countries on 6 continents.
LBBW is a German commercial bank with a strong position in the European renewable energy sector. The bank has provided financing for many sustainable projects and has a balance sheet total of EUR 282 billion.