Plenitude, a Forward-Thinking Energy Transition Innovator, Successfully Attains €500 Million in Funding

In a significant financial development, Plenitude, an energy transition company, has successfully secured a substantial funding injection of €500 million from its partner, Energy Infrastructure Partner. Notably, this funding endeavour includes the Energy Infrastructure Partner acquiring a minority stake in the promising Eni energy transition company, Plenitude.

The inception of Plenitude in 2021 marked a pivotal moment in the energy sector. Plenitude introduces a dynamic and diversified platform that seamlessly amalgamates various retail services catering to households and businesses. Furthermore, it encompasses an extensive network of electric vehicle charging stations and a robust portfolio of renewable energy assets.

Plenitude currently boasts an impressive infrastructure, with approximately 20,000 electric vehicle charging stations and a formidable 3 gigawatts of installed carbon-free generation capacity. This extensive infrastructure allows Plenitude to serve a staggering 10 million retail customers across Europe, alongside its operations spanning 15 additional countries.

The strategic vision of Plenitude is ambitious and forward-looking. The company intends to substantially augment its installed renewable power capacity, aiming for 7 gigawatts by 2026. Additionally, Plenitude is on track to expand its charging point network to 30,000 units. Moreover, the company has set its sights on nearly tripling its earnings before interest, taxes, depreciation, and amortisation (EBITDA) to a substantial €1.8 billion by 2026.

According to Roland Dörig, EIP founder and managing partner: "Eni is one of the few companies with the size, track record and expertise to make a mega-scale contribution to the global energy transition. We are excited to work with Eni as a partner to continue building on Plenitude's impressive growth story and support Eni's drive to create value for shareholders while contributing to the global energy transition."

Stefano Goberti, CEO of Plenitude, shared: "We are glad to have completed this transaction with EIP, whose expertise in the energy transition and renewables industry is recognised internationally. As a partner, EIP will help support Plenitude's growth strategy to achieve carbon neutrality by 2040."

Under Eni's careful guidance, Plenitude operates in the market with a unique and comprehensive business strategy. This strategy encompasses energy sales, renewable generation, innovative energy solutions, and an extensive network of electric vehicle charging stations. As part of its ambitious growth plan, Plenitude is committed to reaching a staggering 11 million customers by the year 2026, effectively solidifying its position as a pivotal player in the energy transition landscape.

Furthermore, Plenitude boasts a significant renewable power portfolio, with 2.5 gigawatts of operating capacity. The company aspires to ramp up its built capacity to an impressive 7 gigawatts by 2026 and a staggering 15 gigawatts by the year 2030. These ambitious targets underscore Plenitude's unwavering commitment to a sustainable and impactful energy transition.

In conclusion, Plenitude's recent funding acquisition and strategic vision for the future position it as a noteworthy contender in the ever-evolving energy transition sector. With substantial investments and a clear trajectory for growth, Plenitude is set to play a pivotal role in shaping the energy landscape of tomorrow.