Spanish fast car charger startup Zunder reaches 400 million euro valuation

MADRID (Reuters) – Zunder, a startup setting up and operating ultra-fast chargers for electric cars, reached a valuation of 400 million euros ($388.40 million) after its latest funding round, shareholder White Summit Capital said on Tuesday.

Mirova, a fund manager associated to French bank Natixis, poured 100 million euros into Zunder in exchange for a 25% stake, White Summit’s managing partner Pablo Pallas told Reuters on Tuesday.

White Summit and other co-investors retain the control of Zunder.

Zunder, which is based in Palencia in central Spain, is one of the many companies installing the thousands of chargers electric vehicles will need along European highways. It has already signed deals with companies such as car manufacturer Nissan, gas station operator Galp and furniture retailer Ikea.

The company intends to invest 300 million euros by 2025 and expects to raise 100 million euros from bank financing and 100 million euros from EU rescue funds through grants from the Spanish government.

($1 = 1.0299 euros)

(Reporting by Inti Landauro, editing by David Latona)