Norwegian EV Charge Point Operator Elaway Receives Majority Stake Investment from SUSI Partners.SUSI Partners, through its flagship evergreen equity fund, the SUSI Energy Transition Fund (SETF), has invested in Elaway AS, a Norwegian-based electric vehicle (EV) charge point operator. The investment involves a capital injection to support Elaway’s ambitious expansion plans, and it marks SETF’s ninth portfolio company and its third acquisition within two months in the rapidly evolving energy transition sector.
Elaway AS, the Norwegian-based EV charge point operator, offers a comprehensive, as-a-service charging solution for housing communities in apartment buildings or multi-family houses. Their all-inclusive approach covers everything from procurement and installation to financing and operation of the charging infrastructure. Building on its success in the Norwegian market, Elaway has recently expanded its services to Germany and Sweden, with plans to further establish its presence in other European markets in the medium term. Co-founded by Norwegian utilities Hafslund AS and Eviny AS, the company continues to benefit from their support and partnership, as well as a new majority stake investment from SUSI Partners.
The residential customer segment holds tremendous potential for the widespread adoption of electric vehicles (EVs). However, the complexities surrounding the procurement, installation, and operation of charging infrastructure often pose significant challenges for stakeholders. Elaway, with its one-stop solution tailored for housing communities, addresses these hurdles, paving the way for a swift transition to electrified transport for numerous households. By offering a comprehensive service that simplifies the implementation process, Elaway unlocks the benefits of captive demand, a vital factor in supporting capital investments.
With the addition of Elaway to its portfolio, SUSI Partners continues to strengthen its sector-spanning energy transition portfolio for the SUSI Energy Transition Fund (SETF). This strategic move enhances diversification across technologies and stable jurisdictions, supporting the Fund’s mission to drive positive change in the renewable energy landscape. The acquisition of Elaway is part of a series of recent investments by SUSI Partners, including U.S solar PV and battery storage developer Encore Renewable Energy and French wind and solar PV developer APAL MW. The rapid pace of deployment in the thriving energy transition infrastructure space underscores SUSI’s commitment to expanding SETF’s capital base in the coming years, further contributing to the global shift towards sustainable and clean energy solutions.