Jolt Capital backs fleet electrification firm VEV in €1B deeptech fund push
What's the deal? Commercial fleet electrification firm VEVDealroom has a profile for this one. Try Dealroom → has secured a growth equity investment led by Jolt CapitalDealroom has a profile for this one. Try Dealroom →, with Finland's state-owned investor Tesi joining as co-investor. The deal moves the UK-headquartered business to independent ownership by acquiring VitolDealroom has a profile for this one. Try Dealroom →'s stake, transferring control to the two backers.
Who's backing it? The investment comes from Jolt Capital V, a fund targeting €1 billion to finance the growth of around 20 European deeptech firms. Jolt Capital calls itself Europe's largest private equity firm dedicated to growth deeptech.
What does VEV do? Founded by Vitol, the world's largest independent energy trader, VEV combines fleet strategy, charging and energy infrastructure, energy supply, and operational services in a single offering. Its VEV IQ platform gives fleet operators real-time control of vehicles, chargers, and on-site energy assets, and has been deployed across more than 600 sites in transport, logistics, and waste.
Why now? The move to independent ownership comes as VEV reaches 6,000 commercial EVs served across Europe, including more than 5,000 in the UK. The company says it now powers more than 20% of the UK heavy-fleet energy market.
What's the endgame? The funding supports a targeted acquisition strategy and further product development as VEV expands into France, Germany, and the Netherlands. Chief executive officer Mike Nakrani said the business is "well-positioned to accelerate our expansion, broaden our capabilities and support customers across Europe."
The signal: Backers are betting on the convergence of transport and energy. "Commercial transport is now at a similar inflection point," said Clara Audry, general partner at Jolt Capital, arguing that success "will belong to companies that combine software, energy expertise and operational execution at scale."
Read more: jolt-capital.com
Image credit: born1945
