French fast-charging provider Electra has successfully raised €304 million (USD $330 million) in equity funding. The cash injection will help Electra achieve its goal of installing 2,200 stations housing 15,000 charging points across Europe by 2030.
The fundraising is the largest in the charging sector's history in France and the second-largest in Europe. Headquartered in Paris, Electra has grown immensely since their launch in 2021 thanks to widespread EV adoption in Europe and a collective effort to reduce carbon emissions.
Aurélien de Meaux, Co-founder and CEO of Electra, emphasizes, "The transition to electric mobility is a key aspect of the energy transition, with the transportation sector being the largest CO2 emitter in France. We are creating a network that is very easy to use, making the transition to electric vehicles desirable and not a constraint."
Electra aims to become a pan-European player in the fast charging EV infrastructure market. The company's strategic deployment of nearly 1,000 charging points across several European countries sets the stage for their growth.
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After recently merging with US Bitcoin Corp, Hut 8 is accelerating its growth by acquiring four Ontario natural gas power plants and a bitcoin mining site in North Bay from Validus Power Corp through their subsidiary, BidCo. The power plants combined have a capacity of 310 megawatts.
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Babylon, a project focused on creating a Bitcoin-secured decentralized world, has raised $18 million in a funding round. Polychain Capital and Hack VC co-led the round, with participation from several other venture capital firms.
The funds raised will be utilized to further develop Babylon's Bitcoin staking protocol. This protocol aims to convert the existing 21 million Bitcoins into a decentralized staking asset for the proof-of-stake (PoS) economy in a trustless manner.
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Babylon introduced the concept of Bitcoin Staking, allowing Bitcoin holders to contribute crypto-economic security to PoS systems and earn PoS yields by staking their Bitcoin. This development is aligned with the original spirit of Bitcoin and does not require any soft or hard fork of the Bitcoin chain. The recent Glassnode report highlighting a significant portion of dormant Bitcoins supports the need for such development, suggesting untapped potential to boost the economic security of PoS chains and decentralized applications.
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The immediate focus is on further developing Babylon's technology, with plans for a second testnet and a mainnet launch later in the year.
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