The European Investment Bank (EIB) has approved a loan of approximately €40 million—part of a planned total investment of over €170 million—to develop Eldrive’s electric vehicle charging network in Bulgaria, Lithuania, Romania, and Latvia. The investment will be used to install more than 10,500 charging stations across the four markets in which Eldrive operates.

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According to a statement on the EIB’s website, the goal of the financing is to accelerate the electrification of Europe’s automotive sector by providing a wide and easily accessible EV charging infrastructure. This, in turn, will support efforts to tackle climate change and reduce air pollution. The project aligns with a range of EU policies and contributes to the Union’s decarbonization targets—specifically those outlined in the Green Deal and the Sustainable and Smart Mobility Strategy. It aims to help achieve the goal of reaching more than one million public charging stations and alternative fuel stations in the EU by 2025, and three million by 2030.

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“The inclusion of the European Investment Bank as a partner and the approval of this financing is a pivotal step in our growth as an electric vehicle charging infrastructure operator,” commented Stefan Spasov, Chief Executive Officer of eMobility International, the company managing Eldrive’s business. “It will help us rapidly and efficiently expand our charging network and become one of Europe’s leading international operators.”

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Eldrive is the largest operator of electric vehicle charging infrastructure in Bulgaria and a leading company in the sector in Romania and Lithuania. Currently, its network comprises over 800 charging points across all markets, making it the only network in Bulgaria with nationwide coverage of the road system. Eldrive’s main focus is on fast and ultra-fast charging, as well as building charging hubs along key highways.

For more information on the EIB’s statement, see here.

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