Salem Radio Network News Thursday, October 6, 2022

Business

ICG invests $240 million in French EV charging firm Zeplug

(Reuters) – Britain’s Intermediate Capital Group is investing 240 million euros ($240 million) in Zeplug, a French firm specialising in electric vehicle (EV) charging services in multi-occupant and office buildings, the companies said.

In a joint statement, the companies said Zeplug would receive a “significant primary capital investment” from asset manager ICG’s infrastructure investment arm ICG Infra.

Zeplug, which was founded in 2014 and gets its income by charging fixed monthly subscription fees, will be merged as part of the deal with Bornes Solutions, a subsidiary of a firm within ICG Infra’s portfolio, they added on Wednesday.

ICG will become a majority shareholder, a spokesperson said.

The funds raised should enable Zeplug to accelerate its expansion in Europe and the United States, the companies said.

($1 = 1.0014 euros)

(Reporting by Olivier Sorgho; Editing by GV De Clercq and Alexander Smith)

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