Eldrive, the electric vehicle charging operator active in Bulgaria, Romania and Lithuania, has been featured in a case study published by the UN Global Compact Academy.
Launched in 2000, the UN Global Compact is the United Nations initiative for responsible business, bringing together more than 20,000 companies across over 160 countries. Participation is voluntary but requires an active commitment: companies pledge to uphold ten principles covering human rights, labour, the environment and anti-corruption, integrate them into their operations and report publicly each year on their progress.
The Academy is the UN Global Compact’s learning platform. It offers employees of participating companies access to online courses, expert-led webinars and practical case studies examining how other businesses have addressed specific challenges. More than 200,000 people across over 140 countries use the platform.
These case studies form the Academy’s case library and serve as educational resources. They examine business challenges and approaches that other companies can learn from and apply, explaining both the actions taken and the sequence in which they were implemented. The library includes cases featuring Unilever, Heineken, Schneider Electric, Telefónica, Iberdrola, Capgemini and BBVA. Eldrive has participated in the UN Global Compact since September 2025, and its case is the only one in the library focused on developing electric vehicle charging infrastructure.
Titled “Building infrastructure before the market catches up: Eldrive’s case for investing ahead of demand”, the study explores how Eldrive developed charging infrastructure across three markets ahead of widespread EV adoption. It examines a challenge common to emerging EV markets: drivers are reluctant to switch to electric vehicles without reliable access to charging, while site owners and investors hesitate to support infrastructure without proven demand. Breaking this cycle requires investment before demand has fully developed.
“Charging infrastructure needs to be in place before people can confidently make the switch to electric vehicles. That conviction has guided our investment across Bulgaria, Romania and Lithuania. Our experience shows how building in stages and learning from real-world usage can create the foundation for further investment and growth. We are pleased to share these lessons through the UN Global Compact Academy and hope they will be useful to businesses facing similar challenges,” said Stefan Spassov, CEO of Eldrive.
The study highlights how Eldrive’s phased approach helped address this challenge. Between 2016 and 2023, the company expanded its network in stages, generating operational data on utilisation, grid behaviour and site performance. This track record helped establish the business case for institutional financing. In December 2023, the European Investment Bank signed an agreement with Eldrive for a EUR 40 million long-term venture debt facility under the InvestEU programme. In 2024, the European Bank for Reconstruction and Development followed with a EUR 15 million equity investment.
Beyond financing, the study examines the operational model supporting Eldrive’s expansion. Site selection is informed by demand analysis, and grid capacity is assessed before installation. Partnerships enable Eldrive to invest in charging infrastructure at locations owned by other organisations. These include municipal public-private projects, such as the charging infrastructure deployment integrated into the Smart Burgas digital ecosystem.
A single digital platform links the charging network to the customer app and RFID access system, while enabling centralised network management and round-the-clock remote monitoring. All electricity supplied through the network is matched with renewable energy Guarantees of Origin.
The case study reports more than 3,500 charging points, over 50,000 registered users, more than 500 partner locations and over 500 corporate clients. It also records the creation of more than 60 green jobs and an estimated 700 tonnes of CO² emissions avoided annually.
About Eldrive
Founded in Bulgaria, Eldrive operates more than 3,500 charging points across Bulgaria, Romania and Lithuania, including over 1,700 in Bulgaria. The company focuses on fast and ultra-fast charging, developing hubs along major road corridors and at key urban locations. Its development programme, supported by the European Investment Bank and the European Bank for Reconstruction and Development, aims to reach more than 400 MW of installed capacity across the three markets.
Read the full case study on the UN Global Compact Academy website: Building infrastructure before the market catches up: Eldrive’s case for investing ahead of demand
