Signature(s)
Summary sheet
The project will support the development of a network of charging stations for electric vehicles in EU cities, as well as technology development investments to increase the range of services available to end users.
The aim of the project is to accelerate the electrification of road transport in Europe by deploying Electric Vehicle Charging (EVC) infrastructure and expanding the availability of public charging networks. In doing so, it supports the reduction of greenhouse gas emissions and air pollution. The project is closely aligned with EU climate and transport policies, including the European Green Deal and the Sustainable and Smart Mobility Strategy. Specifically, it contributes to the EU targets of reaching one million public EV recharging points by 2025, and supports the further objective of achieving three million public recharging points by 2030.
The Project aligns with the InvestEU objective of Mobility: Alternative fuels infrastructure for all transport modes, including electric charging, as set out in Annex II of the InvestEU Regulation.
The Project involves deploying an EV charging network for light-duty vehicles across Europe and related R&D investments. It qualifies under Article 309 as (a) supporting less-developed regions and (c) projects of common interest (Transport). It contributes to the Bank's Climate Action and Environmental Sustainability objectives by accelerating interoperable, user-friendly charging points and investing in advanced technologies to enhance grid integration and user experience.
The Project addresses market failures linked to
(i) positive externalities of road transport electrification through
emissions reduction and
(ii) network effects from the interdependence between EV adoption and charging infrastructure investment.
The EUR 40m unsecured venture debt facility provided by EIB enables Qwello to scale across seven EU markets using significant leverage at an early stage of its development. Commercial lenders
do not currently offer loans with comparable long-term tenors, flexible repayment terms, and pricing conditions to early-growth companies, creating a suboptimal investment situation.
Beyond providing funding, the EIB delivers technical and financial expertise that enhances Qwello's credibility with municipalities and regulators, optimises investment planning, and mitigates operational risks. Without this support, the project would likely progress more slowly, at a smaller scale, with lower returns and reduced innovation impact. The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.
EVC stations are not listed in Annex I or II of the EIA Directive 2014/52/EU (amending the Directive 2011/92/EU) on the assessment of the effects of certain public and private projects on environment. However, in case a specific EVC station installation requires major construction works listed in Annex I or II of the EIA Directive or located in an environmentally sensitive area, this installation may be subject to an environmental permitting procedure. In such cases, the Bank requires to be informed of the relevant decisions issued by the competent authorities prior to any funds being used.
The Borrower has been assessed by the EIB as being a private company and hence not being subject to EU rules on public procurement or concessions.