Infracapital agrees to acquire remaining stake in leading Nordic EV charging platform Recharge

Infracapital, the infrastructure equity investment arm of M&G Plc, has agreed to buy the remaining 30% stake in Recharge, from Fortum. Infracapital acquired its original majority stake in May 2020 and upon completion this transaction will result in 100% ownership of the company.

Recharge is the leading public charging point operator (CPO) for electric vehicles (EV) in the Nordics with more than 4,600 connectors at 800 locations. The company has experienced strong growth through the partnership between Infracapital and Fortum, and Fortum is now divesting in its anticipated timeframe to enable growth investments in alternative areas. Recharge was one of the first companies in Fortum’s Valkea Growth Club, which supports startups in the energy and sustainability sectors.

Recharge was the fifth standalone investment made by Infracapital Partners III and is well positioned in supporting the transition to a lower carbon economy. Fund III’s strategy is to invest sustainably in essential brownfield infrastructure to meet the changing needs of society and support long-term economic growth across Europe. The Nordic EV market is the most advanced in the world and is encouraged by government policy.

Christophe Bordes, Managing Director at Infracapital, said: “We are very happy with the progress that Recharge continues to make. Decarbonisation of the transport sector will play a vital role in achieving Net Zero and we see further growth in the company which will create value for our investors.” 

Ilkka Lassila, Chief Operating Officer at Valkea, said: “Recharge is a fine example of Fortum’s long-term and successful innovation activities. Through the collaboration with Infracapital, we have succeeded in strengthening Recharge’s position in the Nordics. The divestment of Recharge enables new growth investments in areas that align with our strategy.”

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About Infracapital

Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around Europe and has raised and managed over £6.8 billion of client capital across six funds. 

Infracapital is part of M&G Plc, a leading European savings and investments business. M&G manages the long-term savings of more than 5 million people and is a major investor in the UK and in the global economy. Total assets under management are £370 billion (as at 31 December 2021). 

About Fortum

Fortum is a European energy company with activities in more than 40 countries. We provide our customers with electricity, gas, heating and cooling as well as smart solutions to improve resource efficiency. Together with our subsidiary Uniper, we are the third largest producer of CO2-free electricity in Europe. Close to 20,000 professionals and a combined balance sheet of approximately EUR 60 billion, we have the scale, competence and resources to grow and to drive the energy transition forward. Fortum’s share is listed on Nasdaq Helsinki and Uniper’s share on the Frankfurt Stock Exchange.


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