IMPROVED acts as financial advisor to E-Flux on the private placement from Varo Energy

  • Date June 6th, 2023
  • Transaction type Growth Financing
  • Sector Mobility
  • Sub Sector Electric Vehicle Charging and Energy Management Solutions
Further Info

E-Flux, one of Europe’s fastest-growing Electric Vehicle (EV) charging platform providers, has announced that it has secured a private placement from Varo Energy, a leading European energy company backed by Carlyle International Energy Partners and Vitol. The funding will strengthen E-Flux’s platform technology for EV charging transactions and accelerate its growth plans and European expansion strategy.

IMPROVED acted as the financial advisor to E-Flux in this transaction. The IMPROVED team was able to leverage its deep understanding of the market dynamics, business models, and valuations in the E-mobility and EV charging domain to support E-Flux on this private placement.

As EV sales accelerate across the continent, E-Flux outperforms the market, with a growth rate of over 300% each year. E-Flux’s agnostic software platform for EV charging transactions delivers reliable settlement of charging transactions with 99.98% uptime. Within just 5 years, E-Flux has connected over 40,000 charge points to its platform and established a roaming charging network of 350,000 charge points.

“E-Flux has grown rapidly since our initial investment in the business in 2021. With growing demand across Europe, now is the right time to support the company as it looks to expand into new markets. By investing in E-Flux, VARO will help E-Flux enter the major EV markets of France, Italy, Spain, and the UK while strengthening its leading position or presence in Belgium, Germany and The Netherlands. This infusion of new capital is a resounding vote of confidence in the potential of E-Flux and underscores our trust in the team’s ability to drive sustained growth for the company. I am excited about the next phase of growth in EV charging for E-Flux and VARO.”

Dev Sanyal


“With the funding we can further invest in our international expansion and simultaneously keep delivering excellent customer service for managing EV charging transactions. We’re delighted about further accelerating our growth with VARO; this funding is a huge endorsement of the progress we’ve made and the trust they have in us.”

Vincent van Vaalen

Co-founder and CEO, E-Flux

“We congratulate the E-Flux and Varo team on this new investment. Electrification of commercial transportation across all vehicle segments is rapidly accelerating and has reached its inflection point. With this additional capital, and leveraging its strong fundamentals and professional management team, E-Flux is well-positioned to take a leading role and further accelerate electrification in the sector. It was a pleasure working with the professional teams at E-Flux and Varo.”

Sherief Rahim

Managing Director, IMPROVED