French startup shocked It has signed a multi-year financing partnership with DIF Capital Partners in order to launch more charging stations for electric vehicles and double overall growth.
It’s a $180 million deal in stock and quasi-equity that will open gradually from 2022 to 2030. Yesterday, ZePlug also announced Great investment – but ZePlug is focusing on a different market through partnerships with residential and office buildings.
Today’s news is very important because Bump operates with a capital-intensive business model. The company has already established 300 charging stations and plans to ship another 2,000 charging stations by the end of 2023.
Huge money and manages the installation of new charging stations so that there is no upfront cost to its partners. After that, the company takes care of maintenance and operation. He then takes a kilowatt-hour deduction, which gradually covers investment costs and creates some revenue for the company.
Like solar panels, it may take 5, 10, or 15 years before a charging station becomes profitable. It is an infrastructure company, which means it is a long-term business.
Bump has two types of clients. It collaborates with retailers, malls, hotels, and many parking lot companies to launch charging stations for anyone looking for a charging station.
It also works with logistics companies and other B2B clients who need to switch to electric vehicles. They get their own charging points for their Bump-operated vehicles. Clients include StarService, TopChrono, Stuart, Europcar, Zity, Bolt and Marcel.
“I often compare our offerings to Salesforce in the 2000s,” co-founder and CEO Francois Audet told me. “You can either buy a server and a floppy disk, or you can pay a monthly subscription for each user.”
And it is true that switching to electric cars can be costly. You have to buy new cars and trucks – electric vehicles tend to be more expensive than gas-powered cars. You then have to pay a construction company to install the charging stations.
Vehicles are not supposed to be an essential investment for logistics companies. Many companies choose to rent cars, and would rather pay more to charge their cars if they don’t have to do anything to manage their charging stations.
Bump itself works with major contractors to install charging stations. They have their own software suite and a team that can monitor charging stations remotely. If it is a hardware issue, third party companies can also be contacted 24/7 in case they need to go there in person to fix something.
With new funding today, Bump plans to launch 25,000 charging stations by 2030. The startup will also employ a hundred people.