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Eranovum raises €26.5m from the international fund Keystone to create one of the largest electric vehicle charging networks in Spain

  • The entire Eranovum network will supply 100% renewable energy
  • To date, Eranovum’s charging network has 60 charging points, which is expected to increase to 600 by 2023
  • The company’s objective is to invest €55 million over the next four years and to reach 5,500 charging stations in Spain by 2026.

June 15, 2022 – Eranovum, a Spanish group dedicated to accelerating the energy transition, has received a €26.5 million capital injection from Keystone, an international investment fund specialised in the infrastructure and energy sector, to create one of the largest electric vehicle charging networks in Spain.

The transaction will be carried out in two tranches, the first of which has already been closed for €11.5 million. By means of this transaction, the international fund has acquired a 30% stake in the share capital of Eranovum e-mobility, the electric mobility subsidiary of the Eranovum Group. The second part of the investment is scheduled for the end of 2023 and will increase Keystone’s ownership stake in the subsidiary to 49%, with an injection of an additional €15 million, bringing the total investment to €26.5 million.

“The strategic alliance with Keystone will serve to boost Eranovum’s sustainable mobility business at a time of particular turmoil in the sector due to recent regulatory changes and European funding support. The  electric vehicle market lift-off faces major barriers that we seek to remove, including insufficient availability of publicly accessible charging infrastructure.  Taking advantage of synergies with our renewables business, our goal is to reach 5,500 charging points supplying 100% renewable energy in the next five years, by installing our chargers in strategic locations with high rotation such as shopping centres, sports clubs or supermarkets,” says David Vallespín, CEO of Eranovum e-mobility.

Eranovum was founded in 2019 by José Luis Aguirre and Guy Shahar Yames, two entrepreneurs with extensive experience in the renewable energy sector, and with a vision to create and operate sustainable energy infrastructure to accelerate the energy transition. Since then, the company has acquired, developed and built renewable energy projects in Spain and Greece in partnership with international funds channelling over €450 million investments.

Eranovum’s portfolio of renewable projects has a total capacity of 565MW and will produce enough energy to supply the equivalent of 350,000 homes. The first 324MW are already built, and a further 83MW are expected to complete construction by early 2023. The group’s objective is to increase its portfolio of renewable projects to 1.2GW by 2025.

In addition, at the beginning of 2021, Eranovum entered the sustainable mobility business with the aim to dramatically reduce it’s environmental impact and contribute to a greater and faster penetration of electric vehicles in Spain. Thanks to its solar photovoltaic generation capacity and its extensive knowledge of the sector, Eranovum guarantees that all electricity supplied by its chargers is produced 100% from renewable sources.


A leading network of EV charging points in Spain

Currently, Eranovum’s network has 60 charging points, which will be increased to 600 points in the next 18 months. As part of the company’s strategic plans, Eranovum aims to reach 5,500 charging stations by 2026, for which it plans to invest €55 million.  Eranovum’s chargers range in powers from 22kW to 240kW. This is proof of thecompany’s objective to install and operate high-power chargers in strategic locations. These spaces will be located where consumers can recharge their vehicles while doing their daily activities, such as at work, shopping or playing sports. Therefore, the locations of greatest interest are urban areas with high rotation of people, such as shopping centres, sports clubs, restaurants and supermarkets, among others.

For this reason, the company is in full expansion, selecting the right partners in the real estate sector with the best locations to develop its charging network. Today, this sector in Spain is supported by the recent approval of a new regulation that obliges car park owners to install one charging point for every 40 parking spaces.

Eranovum’s value proposition is based on taking charge of the entire process of design, installation, and operation of the chargers. When collaborating with its partners, Eranovum finances the entire investment in the installation and operates the equipment for years to come.