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.
<script type="application/ld+json">
{
"@context": "https://schema.org",
"@type": "Article",
"mainEntityOfPage": {
"@type": "WebPage",
"@id": "https://www.themoney.game/stories/electra-attracts-eu304m-to-expand-ev-charging-infrastructure-across-europe"
},
"headline": "Electra Attracts €304M to Expand EV Charging Infrastructure Across Europe",
"description": "This is the largest fundraising in the charging sector in France and shows Europe's collective effort to reduce carbon emissions.",
"image": "",
"author": {
"@type": "Organization",
"name": "The Money Game",
"url": "https://www.themoney.game"
},
"publisher": {
"@type": "Organization",
"name": "",
"logo": {
"@type": "ImageObject",
"url": ""
}
},
"datePublished": "2024-01-24"
}
</script>
Actions
Pages
Subscribe for newsletter
Stories
Extropic, a hardware startup founded by former Alphabet quantum research team members, has secured $14.1 million in seed funding. Extropic is reportedly developing a chip optimized for running LLMs. The technology is described as a "novel full-stack paradigm of physics-based computing" that incorporates concepts from non-equilibrium thermodynamics, hinting at a unique approach to chip design.
Traditional computing models are constrained by physical and complexity limitations. Extropic's breakthrough aims to build a system where computing errors or noise, which has been a significant challenge in quantum computing, are considered an asset rather than a liability. The company has not disclosed detailed technical information but indicated a goal to reduce the electricity required for running AI models and automate certain coding tasks, potentially allowing the computer to self-program for learning representations of the world.
Extropic is advancing the development of their physics-based computing model, which could automate coding tasks and enhance processing of LLMs, potentially leading to major improvements in AI applications.
Contrary to its founders' background in quantum computing, Extropic's product is not a quantum computing chip. The decision is attributed to the scalability challenges of quantum physics-based computers and the company's pursuit of a different path to practical physics-based computing.
This development challenges Nvidia's dominance in AI hardware, especially with its H200 data center processor. Extropic's approach, utilizing physics-based computing, offers a compelling alternative in the competitive AI chip industry.
Story
Estonian nanotechnology firm, UP Catalyst, raised €4 million to scale their unique technology that converts CO2 into graphite, a crucial component in batteries due to its energy density. The pilot reactor is expected to process 100 tons of CO2 annually, making UP Catalyst the largest provider of green graphite globally.
Graphite, a key component for battery production and a resource largely dominated by China with over 60% of global reserves valued at $19 billion, faces hurdles from new European import restrictions. UP Catalyst can provide a sustainable alternative, advancing Europe's battery industry while also tackling environmental concerns of CO2 emissions.
“We are thrilled to have secured this funding, bringing us one step closer to empowering 4 million car batteries with graphite sourced from CO2 emissions by 2030. This carbon supply can cover approximately 20% of the EV battery market’s yearly carbon need in Europe,” said Gary Urb, CEO of UP Catalyst.
UP Catalyst's technology roadmap highlights the integration of carbon capture with material production, a novel approach compared to traditional carbon capture methods. This not only addresses environmental concerns but also creates economic value from CO2, a significant leap in the carbon capture and utilization field.
Story
Societe Generale, the third-largest bank in France, has issued the first digital green bond utilizing a security token registered directly by SG-FORGE on the Ethereum blockchain. This involves a €10 million senior preferred unsecured bond with a 3-year maturity. This is a major step in employing blockchain technology to increase transparency and traceability of ESG data for investors and issuers.
Green bonds are key for financing a low-carbon economy. The net proceeds from this bond will be used for funding eligible green activities approved by Societe Generale. The green bond market reached the cumulative $1 trillion mark in 2020 since the making of the first green bond in 2007.
The green bond market, with blockchain integration, is expected to grow, attracting more investments towards sustainable projects. The technological innovation demonstrated by Societe Generale could inspire other financial institutions to follow suit.
Societe Generale's transaction serves as a fresh example of how institutions can venture into the realm of digital instruments. It exemplifies their capabilities in debt capital markets, aligning with the growing demand from corporate and institutional clients for digital assets in the sustainable bond market.
Story
Innovators
Scroll
Open
Close