3i Group, Mirova, Banque des Territoires invest 80M€ into zero-emission mobility financing specialist NEoT Green Mobility
Mirova, through its Mirova-Eurofideme 4 fund1, invests €60m together with 3i Group plc, through its 3i European Operational Projects Fund, in NEoT Green Mobility (“NGM” or the “Company”) to fund its pipeline of projects, while Banque des Territoires is investing an additional €20m. The funding round takes the total equity investment capacity of the Company to €100m. Historical shareholder EDF Pulse Croissance (the EDF Group corporate venture activity) renews its trust in the Company by keeping its involvement in its capital while Mitsubishi Corporation is exiting.
NGM offers turnkey zero-emission transportation leasing and services solutions to public authorities and transport operators. The Company’s E-Mobility-as-a-Service solutions include provision of batteries, rolling stock or charging infrastructures as-a-service to customers across a wide range of sectors: urban and inter-urban public transport, inland navigation and shipping, rail, charging points and smart charging solutions. Having started with electric mobility, the Company will also seek to expand into the hydrogen sector. Today, NGM has over €40m assets under management, under mid- to long-term contracts, mainly in France and the UK, and aims to expand across Western and Northern Europe.
With this combined investment, NGM targets a €400m asset base by 2024 and positions itself as a leading financing partner for mobility operators and local authorities seeking to electrify their fleets or infrastructure.
Raphaël Lance, head of Mirova’s Energy Transition Infrastructure Funds, at Mirova: “We are delighted to be joining forces with EDF Pulse Croissance and Banque des Territoires to accelerate the growth of NGM. The electrification of the transportation infrastructure across all segments, from freight and bus & coaches to charging infrastructure, will require substantial investments from mobility companies to whom NGM is offering attractive financing solutions”.
Stephane Grandguillaume, Partner at 3i, commented: “This is an attractive opportunity for 3i EOPF to invest in the green mobility sector in Europe. NGM’s projects play a central role in the energy transition. We believe its pipeline will grow rapidly as the roll-out of electric buses and coaches accelerates.”
Pierre Aubouin, Head of Infrastructure & Mobility department at Banque des Territoires: “Banque des Territoires has been an early investor in NEoT Green Mobility back in 2017. By committing a further 20 M€ and welcoming 3i Group and Mirova on NGM’s board, we strengthen our commitment to roll out green mobility assets in the context of its action for more sustainable territories and today particularly in the context of the French Economic Recovery Package.”
Michel Vanhaesbroucke, General Manager of EDF Pulse Croissance: “Convinced that the fight against climate change requires solutions for decarbonising territories, EDF Pulse Croissance has renewed its confidence in NGM. This new round of financing should help accelerate the financing of concrete solutions to decarbonise territories and reach net zero by 2050. We are very pleased to welcome new partners.”
Philippe Ringenbach, CEO of NEoT Capital, President of NGM: “We are delighted to welcome Mirova and 3i into NEoT Green Mobility alongside historical founders Banque des Territoires and EDF Pulse Croissance. The arrival of these two major financial players together with a significant reinvestment from Banque des Territoires validates our strategy and our value proposition. This reinforces our capacity to accelerate our development in the next months in Europe. In these times of decarbonation challenges for the whole economy, moving towards electric and hydrogen technologies is crucial to reach the targets established by the European Union to reduce by 40% the greenhouse gases by 2030”.
Mirova today announced the final close at €859m of Mirova-Eurofideme 4, its fourth equity investment fund dedicated to clean energy projects. With this closing, Mirova far exceeds its initial objective and closes the largest renewable energy fund dedicated to the European market to date.
Whether it is “grey”, “blue”, “yellow”, or “green”, hydrogen is the topic on everyone’s lips today. While it is already widely consumed in many sectors, its use as a source of energy is only in its early stages. Its applications are as numerous as they are promising, most notably in the mobility sector. For it to become the best facilitator for the transition towards a low carbon economy, many challenges still need to be met, starting with the mass production of a zero-carbon hydrogen which will require substantial investment in the coming years.
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