• VARO Energy increases its shareholding in E-Flux and commits significant investment for new market entry in France, Italy, Spain and the UK, and market expansion in Germany.
• This investment supports the ONE VARO Transformation strategy and strengthens E-Flux's leadership position in EV charging software in Belgium and The Netherlands.
• The partnership aligns with VARO's growth plan and supports its ESG objectives by promoting greater EV penetration and reducing CO₂

6^th June 2023, Zug, Switzerland, VARO Energy (“VARO”) today announces it is increasing its shareholding in E-Flux, the leading provider of software for vehicle charging for commercial electric vans, e-truck fleets and light weight transportation, and investing to support its next phase of growth – building on VARO’s commitment to provide customers with a fully integrated portfolio of energy solutions that can be tailored to customer needs.

Having grown to a leading market position in Belgium and The Netherlands, VARO’s new investment and increased shareholding in E-Flux will support new market entry into some of Europe’s largest economies: France, Italy, Spain, and the UK and strengthen its position in Germany. E-Flux will support customers in these markets looking to expand their EV fleets and help them maintain access to reliable and cost-effective EV charging.

The E-Flux platform connects EV-drivers to a complete and ready-to-use EV-charging system and infrastructure, designed to meet customer needs. The platform plays a pivotal role in the EV charging ecosystem, in particular for electric van and e-truck commercial fleets, making it easy to access and pay for charging without requiring any additional setup or infrastructure.

By supporting greater EV penetration into European vehicle fleets E-Flux helps customers meet their net zero ambitions. This additional investment by VARO and its increased stake in E-Flux further accelerates the ONE VARO Transformation strategy by providing turnkey charging solutions to more customers across Europe. It builds on one of the five growth pillars – e-mobility – that VARO has identified as offering the most attractive low carbon growth potential while playing to the company’s strengths. It also supports VARO’s sector-leading targets for the reduction and elimination of CO₂ emissions by 2040.

Dev Sanyal, CEO of VARO, said: “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.”

Vincent van Vaalen, CEO of E-Flux, said: “Since the early days of e-mobility, E-Flux has provided the leading software platform connecting clients to a large network of EV chargers and helping facilitate payments for those services. This has enabled clients to more efficiently, reliably and easily manage their e-fleet and related costs. We’re delighted VARO is making this investment to enable us to expand our services to more clients in more countries in Europe.”

About E-Flux

E-Flux is a technology company that builds infrastructure for e-mobility. From the foundation in 2017, E-Flux has become one of the leading platforms in the e-mobility market. E-Flux has grown a large partner network that exists out of installation companies, manufacturers of EV chargers and distributors. E-Flux focuses purely on developing a high-grade EV platform and offers services to ensure a reliable charging solution. By combining forces with partners, they offer an industry-leading solution for businesses of every size.

About VARO

VARO Energy (“VARO”) is the partner of choice for customers in the energy transition by providing the sustainable and reliable energy solutions that they need to reach Net Zero. Engine 1 includes conventional energies manufacturing, storage, distribution, marketing and trading. Engine 2 activities are focused on sustainable energies and include biofuels, biomethane and bio-LNG, green hydrogen, e-mobility, and nature-based carbon removals. VARO plans to invest around $3.5 billion over the 2022-26 period, with two-third committed to sustainable energies. The company has a net zero target for scope 1, 2 and 3 by 2040. VARO is a Swiss-based private company, whose main shareholders are Carlyle International Energy Partners and Vitol.

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