Pan-European charge point operator Qwello has closed a €65m (£55m) financing facility with ABN AMRO and Investec.

Qwello said the new partnership with ABN AMRO and Investec creates a springboard for continued growth

It’s the company’s first financing facility and follows its recent acquisition of Dutch charge point operator Park & Charge, which closed in May.

The financing facility includes the refinancing of part of the acquisition purchase price for Park & Charge, which can be redeployed into Qwello’s European expansion, as well as further growth funding for Park & Charge through a capex facility and a revolving loan.

Qwello founder Henrik Thiele said: “The financing is a testament to the strength of the company and its business model amidst the backdrop of both robust charge point utilisation within the Qwello portfolio and positive market tailwinds related to the growth of electric vehicle adoption and public charge point demand.

“We are looking forward to expanding our footprint by being a trusted provider of critical infrastructure to municipalities across Europe. This new partnership with ABN AMRO and Investec creates a springboard for continued growth.”

Qwello, which is headquartered in Munich, Germany, implements, owns and runs charging infrastructure in major European cities, delivering a turnkey service. It currently operates over 10,000 charge points via public concessions with local municipalities and investment of private capital. Markets covered include Germany, Netherlands, Sweden, the UK, France, Spain and Poland.

Qwello was advised by PWC Netherlands and is backed by Tiger Infrastructure Partners.