Allego Secures €20 Million Loan from EBRD to Boost EV Charging Infrastructure in Poland

Business Wire08-06

ARNHEM, Netherlands, August 06, 2024--(BUSINESS WIRE)--Allego (NYSE: ALLG), a leading pan-European electric vehicle network, announces the grant of a €20 million loan from the European Bank for ...

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This financial support will support Allego's strong development of EV-charging infrastructure inside Poland as part of the company’s ongoing Eastern European expansion project.Allego is set to deploy more than 200 light and heavy-duty vehicles  EV recharging points across over 50 strategic locations in Poland. This effort will include installing and integrating these recharging points into the existing Allego network. Additionally, Allego will provide comprehensive maintenance and operational support for these facilities, enhancing the user experience with smart charging and efficient billing systems. 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This financial support will support Allego's strong development of EV-charging infrastructure inside Poland as part of the company’s ongoing Eastern European expansion project.\nElectric vehicle adoption in Poland, which ranks among the lowest in Europe in terms of EV charging penetration, can only be fostered through a robust and fully functional EV charging infrastructure. This initiative promotes the broad availability of efficient and dependable electric mobility throughout the continent as part of the European Union's efforts to decarbonize road transportation.\nAllego is set to deploy more than 200 light and heavy-duty vehicles (LDV /HDV) EV recharging points across over 50 strategic locations in Poland. This effort will include installing and integrating these recharging points into the existing Allego network. Additionally, Allego will provide comprehensive maintenance and operational support for these facilities, enhancing the user experience with smart charging and efficient billing systems. The project in Poland is co-funded by the EU’s Connecting Europe Facility (CEF) program, supporting European transport infrastructure projects along the TEN-T Network and in Urban Nodes.\nGunnar Landfester, Allego Managing Director for Central & Eastern Europe, says, \"This financial support will improve greater EV adoption in Europe, specifically in Eastern Europe. Thanks to this, we can expand our network and further our goal of creating highly efficient charging for all EV drivers.\"\nVianney Heeren, Director of Structured Finance at Allego, commented, \"With this financing, we can go forward with our infrastructure initiatives much more quickly, guaranteeing that Allego will support Poland's quick transition to electric vehicles. It demonstrates our business strategy's capacity to expand operations successfully throughout Europe.\"\nThis initiative further demonstrates Allego's dedication to electric mobility innovation and its role in facilitating Europe's green transformation.\nAbout Allego\nAllego is a leading electric vehicle charging solutions provider dedicated to accelerating the transition to electric mobility with 100% renewable energy. Allego has developed a comprehensive portfolio of innovative charging infrastructure and proprietary software, including Allamo and EV Cloud platforms. With a network of 35,000 charging points (and counting) spanning 16 countries, Allego delivers independent, reliable, and safe charging solutions, agnostic of vehicle model or network affiliation. Founded in 2013 and publicly listed on the NYSE in 2022, Allego now employs a team of 220 people striving daily to make charging accessible, sustainable, and enjoyable for all.\nFor more information, please visit www.allego.eu.\nAbout EBRD\nEBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 73 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated.\nAbout CROSS-E\nThe CROSS-E project has been established to enable a path towards future zero-emission travel by realizing high-powered electric vehicle (EV) charging points along key routes and ports across Europe. The four companies selected to carry out the project, Allego, Petrol Group, GreenWay, and Emobility Solutions, will install 911 high-powered charging points (150 kW and 350 kW) at 239 locations tailored to both light and heavy-duty electric vehicles (LDV & HDV). The project has been selected to implement 130 million euros in investments in high-power charging infrastructure with a total grant of 34.45 million euros from the European Union. It is scheduled to be finalized by October 2026.\nThe CROSS-E project comprises two intertwined initiatives: CROSS-E General and Cross-E Cohesion. These projects will receive co-funding from the Connecting Europe Facility (CEF), the EU funding program supporting European transport infrastructure. Therefore, the aim is to complement the existing infrastructure with enhanced cross-border connections between neighboring countries.\nCROSS-E installations will adhere strictly to the European Commission’s Alternative Fuels Infrastructure Regulation (AFIR), guaranteeing open recharge infrastructure access. All locations will be accessible to the public 24/7 and support roaming and open-access payment methods, including NFC, credit cards, and app-based payments. Deploying charging points for specifically Heavy Duty Vehicles (HDV) in selected markets will also offer valuable insights ahead of broader installations across all project partners and countries.\nForward-Looking Statements\nAll statements other than statements of historical facts contained in this press release are forward-looking statements. Allego intends forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of words such as \"believe,\" \"may,\" \"will,\" \"estimate,\" \"continue,\" \"anticipate,\" \"intend,\" \"expect,\" \"should,\" \"would,\" \"plan,\" \"project,\" \"forecast,\" \"predict,\" \"potential,\" \"seem,\" \"seek,\" \"future,\" \"outlook,\" \"target\" or other similar expressions (or the negative versions of such words or phrases) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, without limitation, Allego’s expectations concerning future performance. These forward-looking statements involve significant risks and uncertainties that could cause the results to differ materially and potentially adversely from those expressed or implied in the forward-looking statements. Most of these factors are outside Allego’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the ability of the Company to cure the minimum share price deficiency and regain compliance with NYSE listing standards and for the Company’s ordinary shares to remain listed on the NYSE, (ii) changes adversely affecting Allego’s business, (iii) the price and availability of electricity and other energy sources, (iv) the risks associated with vulnerability to industry downturns and regional or national downturns, (v) fluctuations in Allego’s revenue and operating results, (vi) unfavorable conditions or further disruptions in the capital and credit markets, (vii) Allego’s ability to generate cash, service indebtedness and incur additional indebtedness, (viii) competition from existing and new competitors, (ix) the growth of the electric vehicle market, (x) Allego’s ability to integrate any businesses it may acquire, (xi) the agreement of various landowners to deployment of Allego charging stations, (xii) Allego’s ability to recruit and retain experienced personnel, (xiii) risks related to legal proceedings or claims, including liability claims, (xiv) Allego’s dependence on third-party contractors to provide various services, (xv) data security breaches or other network outage, (xvi) Allego’s ability to obtain additional capital on commercially reasonable terms, (xvii) Allego’s ability to remediate its material weaknesses in internal control over financial reporting, (xviii) the impact of COVID-19, including COVID-19 related supply chain disruptions and expense increases, (xix) general economic or political conditions, including the Russia/Ukraine and Israel/Hamas conflicts or increased trade restrictions between the United States, Russia, China and other countries, and (xx) other factors detailed under the section entitled \"Risk Factors\" in Allego’s filings with the Securities and Exchange Commission. The preceding list of factors is not exclusive. If any of these risks materialize or Allego’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Allego does not know or that Allego currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Allego’s expectations, plans, or forecasts of future events and views as of the date of this press release. Allego anticipates that subsequent events and developments will cause Allego’s assessments to change. However, while Allego may elect to update these forward-looking statements at some point in the future, Allego expressly disclaims any obligation to do so unless required by applicable law. These forward-looking statements should not be relied upon as representing Allego’s assessments as of any date after the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240806336149/en/\nContacts\nAllego Contacts: Investorsinvestors@allego.eu Mediapress@allego.eu","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2457436060"}