FastWay aims to become the first independent operator in the construction and management of high-power charging infrastructures for electric vehicles.
Milan, October 14th, 2022 – The Infrastructure Fund for ESG Growth (IPC) established and managed by Azimut Libera Impresa Sgr will invest 50 million euro in the development of a fast public charging infrastructure for electric vehicles throughout the Country, through the start-up FastWay Spa, co-founded together with engineers Paolo Esposto and Carlo Mereu. The two managers, who have many years of experience in the energy and electric mobility sector, play the role of managing directors and will take care of the start-up of the initiative, the development and management of the charging network, together with CFO Serafino Marchio, who also has experience in the energy and finance sectors and who will follow the financial aspects.
The demand for electric vehicle charging services, especially in the high-power charging segment which, at the moment, is very small in Italy, is set to increase exponentially together with the number of vehicles on the road, which will rise from the current 300,000 to over 5 million in 2030. FastWay will use the best charging infrastructures (with power between 50 and 400 kW) to provide electric drivers with the fastest and easiest charging experience possible, also through the use of Plug & Charge charging systems, always supplying energy from renewable sources.
The industrial plan provides for the installation of 15,000 recharging points, mainly Fast (up to 150 kW) and Ultrafast (up to 400 kW), throughout the country in the next 10 years, to become the main independent operator in the segment of fast charging. The charging stations will be built both on public land, thanks to the collaboration with the Municipalities, and on private land with public access near points of interest and attraction, generating benefits for citizens, for the customers of the host structures and for the environment. FastWay will, in fact, contribute to the decarbonisation objectives, allowing savings of over 5 million tons of CO2 emissions over the next decade.
The transaction meets the sustainability requirements that guide the activity of the entire IPC Fund dedicated to investments in infrastructures capable of generating positive economic-, environmental-, and societal development with an ESG approach, and at the same time a long-term profitability for investors. In particular, the Technical Committee of the IPC Fund, after analysing the objectives and impact results, has assessed that the investment will contribute to the achievement of 10 of the 17 United Nations Sustainable Development Goals (SDGs).
The IPC Fund has so far collected subscriptions for more than 450 million euros from 16 institutional investors, such as pension funds, pension funds, insurance companies and foundations. Since the first closing, which took place in January 2021, the Fund has approved transactions for a total value of approximately 700 million euros, 19 of which have already been finalized for a value of approximately 550 million euros, in infrastructures that concern various sectors including education and academic training (Turin and Rome), diagnostic centers, analysis laboratories and rehabilitation facilities (Cesena, Cagliari and Catania), data centers (Milan and Rome), innovation hubs (Calabria), digitization of the country (central and northern Italy) and circular economy, with two biomethane plants and vertical farm projects (northern and southern Italy).
Andrea Cornetti, CEO of Real Estate and Infrastructures of Azimut Libera Impresa Sgr, commented: “We have decided to support and invest in the Fastway project because it will operate in an exponentially growing sector such as that of electric mobility and zero emissions which is an important and irreversible trend. An investment in line with the mission of our IPC Fund which simultaneously pursues the dual objective of building a more sustainable future and generating financial returns in line with the expectations of its investors”.
The co-founders of FastWay, Paolo Esposto and Carlo Mereu, added: “We are at the beginning of the development of high-power charging in Italy: with FastWay we want to revolutionize the electric mobility sector, guaranteeing our customers the best possible charging experience, through a fast-charging infrastructure, available where really required by users and easy to use. With this operation, thanks to the contribution of the Infrastructure Fund for Growth – ESG (IPC), we will be able to electrify the Country, realizing our ambitious plans in a very short time. And to do this, we shall develop an ambitious investment plan.”
The transaction was also possible thanks to the assistance of the law firms Orrick and Bird & Bird and the Finage Group.
An integrated business model
FastWay builds and manages the charging stations entirely at their own expense, thanks to the solidity and long-term vision of the investors, thus allowing its partners, whether public bodies or private companies, to free themselves from operating costs and business risks. The start-up guarantees a sales representative who is specifically dedicated to the project, taking care of all phases of implementation: from obtaining permits to testing, in full safety and in compliance with all legal obligations, with regular 24/7 maintenance and customer support. Each charging station is custom designed for the site and its specific needs, optimizing the use of available space and making customers feel safe and at ease.
A further focus of the start-up is to create an easy and immediate user experience, through the development of an application for mobile devices or through the use of an Rfid card, which allow access to the infrastructure also to anonymous users. FastWay’s charging network will be promoted across Europe on navigation systems and smartphone applications. This will increase the flow of conscious tourism at the sites where the infrastructures will be installed and will generate a return for the local economy and for affiliated businesses or public administrations, which will be able to provide a fast recharge service to their customers and citizens.
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Press Contacts FastWay
Benedetta Marangon
+39 333 2084455
media@fastway.energy
FastWay’s mission is to accelerate decarbonisation and the transition to sustainable mobility, through the development of a fast and widespread charging network for electric vehicles. To achieve this goal, the start-up has launched an installation plan of more than 15,000 Fast and Ultra-Fast charging points throughout Italy, powered by renewable sources and using the best digital technologies. Based in Milan, FastWay was born from the idea of the founders Paolo Esposto and Carlo Mereu, managers with many years of experience in the energy and electric mobility sector. The project obtained the support and investment from the Infrastructure Fund for Growth-ESG (IPC) set up and managed by Azimut Libera Impresa Sgr.
Contacts – Azimut Holding S.p.A.
www.azimut-group.com
Maria Laura Sisti (Esclapon & Co.)
Tel. +39 347 42 82 170
Email: marialaura.sisti@esclapon.it
Viviana Merotto
Tel. +39 338 74 96 248
Email: viviana.merotto@azimut.it
Azimut is one of the main independent groups in Europe operating (since 1989) in the asset management sector. The parent company Azimut Holding S.p.A. has been listed on the Milan Stock Exchange since 7 July 2004 (AZM.IM) and is a member, among others, of the FTSE MIB index. The shareholder structure includes over 1,900 managers, financial consultants and employees united in a shareholders’ agreement that controls about 22% of the company. The remainder is subject gto free float. The Group includes several companies active in the promotion, management and distribution of financial and insurance products, mainly based in Italy, Australia, Brazil, Chile, China (Hong Kong and Shanghai), Egypt, United Arab Emirates, Ireland, Luxembourg, Mexico , Monaco, Portugal, Singapore, Switzerland, Taiwan, Turkey and the USA. In Italy Azimut Capital Management Sgr operates in the promotion and management of mutual funds under Italian law, in alternative investment funds under Italian law, as well as in the individual management of investment portfolios on behalf of third parties. Furthermore, Azimut Capital Management handles the distribution of the Group’s and third-party products through its network of financial advisors, while Azimut Libera Impresa Sgr deals with alternative products. The main foreign companies are Azimut Investments SA (founded in Luxembourg in 1999), which manages the multi-fund funds AZ FUND1 and AZ Multi Asset, and the Irish company Azimut Life DAC, which offers life insurance products.