Tech

EV charging operator Bump unlocks $180 million


French startup bump has signed a multi-year funding partnership with DIF Capital Partners to further roll out charging stations for electric vehicles and double its general growth.

This is a $180 million equity and quasi-equity deal that will be phased out from 2022 to 2030. Yesterday, ZePlug also announced Although a large investment, ZePlug is focusing on another market with its partnerships with residential and office buildings.

Today’s news is very important because Bump operates on a capital-intensive business model. The company has already created 300 charging stations and plans to ship another 2,000 charging stations by the end of 2023.

We raise funds and manage the installation of new charging stations to avoid upfront costs for our partners. Subsequent maintenance and operation will be performed by the company. In turn, reducing kWh will gradually cover the investment costs and bring some revenue to the company.

Like solar panels, charging stations can take 5, 10, or 15 years to become profitable. An infrastructure company, a long-term business.

Bump has two types of clients. The company partners with retailers that own parking spaces, malls, hotels and various businesses to roll out charging stations for those looking for them.

We also work with logistics companies and other B2B clients who need to switch to electric vehicles. They get their own charging spots for their vehicles managed by Bump. Clients include StarService, TopChrono, Stuart, Europcar, Zity, Bolt and Marcel.

“We often compare our service to Salesforce in the 2000s,” co-founder and CEO François Oudot told me. “You can buy a server and a floppy disk or pay a monthly fee per user.”

It is also true that switching to electric vehicles is costly. Need to buy new cars and trucks. Electric cars tend to be more expensive than petrol cars. Then you have to pay a construction company to install the charging station.

Vehicles should not be a core investment for a logistics company. Many companies are opting to lease their cars and want to pay a little more to charge their cars when they don’t have to do anything to manage their charging stations.

The Bump itself is working with a major construction company to install charging stations. We have our own software stack and a team that can remotely monitor our charging stations. If it’s a hardware issue, he can also contact third-party companies 24/7 in case you need to visit them in person to fix something.

With today’s new funding, Bump plans to deploy 25,000 charging stations by 2030. The startup also plans to employ 100 people.

Image credit: bump



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