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ZEWAY raises close to €27 million to expand its network of Battery Swapping Stations at large scale as a way to accelerate urban electric mobility

ZEWAY announces the closing of a series-B round of financing for €26.75 million, with the participation of its founding investors, Fonds de Modernisation Ecologique des Transports (Demeter), InnovAllianz (Allianz France) and WaterStart Capital (NCI), as well as new entrants including the Banque des Territoires, ADEME Investissement, Matmut Innovation and several business angels.

This new infusion of capital will help the startup accelerate on the two key lines of its expansion plan:

  • The geographic expansion of its battery-swapping solution, with a doubling of the number of swapping stations in the Paris region, and a launch in other French cities in the course of the year.
  • The opening of its technology platform to third-party urban EV manufacturers who wish, by fitting their vehicles with the ZEWAY battery («Powered by ZEWAY»), to distribute the battery-swapping solution to their clients so as to provide them a new service and to increase their revenues.

An impending expansion across France

In March 2021, ZEWAY disrupted the Paris electric moped market by launching the first infrastructure for swapping and recharging shared batteries, alongside a leasing offer for personal electric mopeds using this infrastructure with its first model, swapperOne, available for €130/month all included (moped, battery swap, unlimited mileage, insurance and maintenance).
With this innovative offer targeting individuals and professionals (last-mile fleets) alike, the company aims to accelerate the transition from thermal to electric two-wheelers by removing the main barrier, that of charging.

In light of the current environmental crisis, it provides a simple and efficient solution to all users of twowheelers and, more broadly, to whoever is in search for a green, seamless and competitive mobility solution.

Two years after its launch in Paris, ZEWAY has found its public, with over 100,000 battery swaps since its creation and more than 4,500 each week across the 40 stations of its network. More than 1,000 clients circulate in Paris using one of the 6 ZEWAY models of 50 cc or 125 cc eq. electric mopeds, which are all rechargeable in 50 seconds: swapperOne, swapperX/X+ also available in Pro version, and swapperTriango+ (a new three-wheeler model).

The funding will enable the startup to scale up with, as soon as in 2023:

  • A doubling of the number of swapping stations in Paris and its inner suburbs, to continue to honor the promise to the ever-growing number of users in the region: recharging their batteries in less than 50 seconds.
  • The launch, in 2023, of its solution in other cities of France, starting with Nice and Bordeaux.

The implementation of the “Powered by ZEWAY” strategy with the opening of the ZEWAY swapping station infrastructure to other light urban EV manufacturers

ZEWAY aims to become the European leader of instant charge for urban electric mobility solutions. To do so, the startup opens up its technology platform to third-party manufacturers (of electric mopeds, as well as cargo bikes, microcars, etc.) who will from now on have access to its network of batteryswapping stations.

With its solution, ZEWAY intends to make electric mobility more accessible and competitive, addressing the issues of charging and range by providing its battery-swapping solution across its network of citybased battery swapping stations.

“The funds raised should enable us to take things to the next level by deploying our battery-swapping station infrastructure as a new, go-to instant charge standard for urban electric mobility solutions. This fresh infusion of capital and the strength of our shareholders empower us to expand rapidly our network of stations and to roll out our personal mobility solution for individuals and professionals in the largest cities of France, and of Europe in the near future. This development will help build an industrial sector of urban mobility at European level. Considering the need for a transition to electric vehicles and the issues inherent to this move (monitoring and control of the park of batteries, recycling and end-of-life management, etc.), we believe that, with the support of our shareholders, we have the means to become the European leader of instant charge in urban environments”, explain the two founders of ZEWAY, Stephanie Gosset and Amaury Korniloff.

Raising funds among investors known for their commitment to green urban mobility solutions

After raising €15M in 2020 in a series-A round of funding, ZEWAY successfully closed its second round of financing for a total amount of €26.75M.

Alongside founding shareholders and business angels, the three initial investors, Demeter Investment Managers through its fund Fonds de Modernisation Ecologique des Transports (FMET), Allianz France through the InnovAllianz fund, and NCI through the WaterStart Capital fund, have reinvested, and three new shareholders have acquired a stake in the startup – Banque des Territoires, ADEME Investissement et Matmut Innovation.

“Demeter, through the FMET, its Ecological Transport Modernization Fund, is proud and happy to continue to support ZEWAY in its development. The management team of ZEWAY is well known to Demeter, as we have already shared several successes together (Solaire Direct, ZE Energy, and now ZEWAY). Our hybrid approach, which involves financing companies, but also their endeavors through “AssetCo” structures, has demonstrated time and again how relevant it was for entrepreneurs of the ecological transition and new mobility. The ZEWAY team has demonstrated its professionalism and the soundness of its business model. The FMET, one of the first investors to finance and support ZEWAY alongside InnovAllianz and WaterStart Capital, is pleased to welcome Caisse des Dépôts, ADEME Investissement and Matmut on board. This new round of funding will enable us to accelerate the company’s development, not only in Paris but also in other metropolitan areas”, says Philippe Detours, Managing Partner, Demeter Investment Managers.

“ADEME Investissement is committed to reducing the level of GHG emissions in the mobility sector and is happy to support ZEWAY, a French company providing a turnkey solution for light electric mobility. As the first French and European player offering a battery swapping and sharing system for its own vehicles and those of third parties, ZEWAY adopts an innovative approach aimed at reducing the environmental impact of light mobility by optimizing the use of batteries. Our participation at the company level and at the level of the AssetCo financing the assets will enable ZEWAY to continue to expand its business, which entails opening to new cities in France and in Europe and deploying its Powered by ZEWAY offer as a way to extend the scope of battery swapping» says Boris Ravignon, Chairman and CEO of ADEME (itself chairman of ADEME Investissement).

“We see ZEWAY as a key contributor to make mobility more sustainable. Its groundbreaking instant charge solution, the quality of its management team, its ambitious expansion plans and the favorable reception of local authorities – all of this convinced us to participate in this second round of funding. We are confident that ZEWAY’s services, providing a turnkey solution for local authorities and a competitive offer for customers, will be ever more successful as low-emission zones become increasingly common. Banque des Territoires pays particular attention to the need for the country to have an extensive network of charging points for all kinds of vehicles, including two-wheelers. As a first-time investor in sustainable mobility solutions, Banque des Territoires has shown strong commitment on the various segments of the electric charging market, for both private and public use”, explains Pierre Aubouin, Head of the Infrastructure and Mobility Department at the Investment Division of the Bank of Territories.

“When we discovered ZEWAY, back in 2020, they instantly became one of our favorites: a super-strong team, high technical (hardware + software), operational and capitalistic (infra) entry barriers, an impactful innovation bringing significant progress for users and for the environment alike, and 2 highly complementary business lines: the ZEWAY scooters that the brand chose to sell directly so as to control the launch of battery swapping on the market, and the “Powered by ZEWAY” offering combined with an infrastructure-oriented funding model that paves the way for a high-growth trajectory for this future scale up”, says Yves Guiol, Associate Director, NCI – WaterStart Capital.

“Matmut Group has been insuring all kinds of vehicles for 60 years, since the inception of the company. Adapting to the ever-evolving characteristics of these solutions, which have changed at unprecedented pace in the last few years, is one of our priorities as we strive to serve those who put their trust in us. Besides, the Group is committed at various levels to the collective effort aiming to make the on-road vehicle park cleaner. Lastly, a large number of our policyholders live in large French urban centers. For all those reasons, it seemed only natural for us to participate in ZEWAY’s series-B round through our investment vehicle, Matmut Innovation, and to support them thereby in their development and their projects”, adds Olivier Requin, COO Property and Casualty Insurance, Matmut Group and Managing Director, Matmut Innovation.

“As an initial investor and insurance partner of ZEWAY, we are delighted to maintain our support to help the startup accelerate its expansion and democratize the electrification of urban mobility by providing a simple, practical response to the issue of fast charging. Promoting the development of new forms of mobility and encouraging green travel is one of Allianz France’s priorities, in line with our role as a socially committed insurance company” adds Jean-Baptiste Perret Torres, Head of Strategy, Innovation and M&A, Allianz France.

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