Pluq Secures €50 Million to Expand EV Charging Network

Amsterdam-based EV charging startup Pluq has secured €50 million through a credit facility provided by Swedish investor P Capital Partners, marking a significant milestone in its growth journey.

Pluq is committed to expanding its unique destination-based charging network. This network focuses on providing cost-effective, slower charging solutions at places where people tend to linger, such as hotels, offices, and hospitals. Unlike the fast-charging model, Pluq promotes a more sustainable, long-term approach to EV charging.

With this fresh injection of funds, the company plans to scale its operations by installing additional charging stations across Europe. This move not only supports the expansion of EV infrastructure but also helps reduce pressure on the electricity grid, which is an increasingly pressing concern.

Pluq advocates for slower charging as a more viable and environmentally friendly option. By embracing this method, the company helps alleviate grid strain while offering a unique value proposition for property owners: a revenue-sharing model. This approach incentivizes businesses to host EV charging stations, providing an additional income stream.

Additionally, Pluq's innovative "Charging-as-a-Service" (CaaS) model covers all the installation and maintenance expenses, enabling property owners to adopt EV charging solutions without having to bear any upfront costs. This setup removes the financial barrier for businesses and creates an accessible pathway to a greener future.

Through this strategic investment and its scalable, sustainable model, Pluq is poised to make a lasting impact on Europe's EV charging landscape, driving both environmental progress and business growth.

Founded in 2019, the Dutch company enhances sustainability efforts by partnering with Dutchrees for All, planting a tree for every charging station installed. CEO Andeter Zijlema highlighted the company's mission to make EV charging accessible without disrupting the grid, stating, "Faster is not always better when it comes to charging, but we aim to scale our network quickly."