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Vitol has agreed to sell its equity stake in VEV, a commercial fleet electrification company, to Jolt Capital, Europe's largest private equity firm dedicated to advanced technology growth, and Tesi, Finland's state-owned investment company.
Founded by Vitol in 2023, VEV integrates fleet strategy, charging and energy infrastructure, energy supply, and operational services into a single offering, reflecting the convergence of the transport and energy sectors. Currently, the company serves 6,000 commercial electric vehicles across Europe, including over 5,000 in the UK.
Eduard Ruijs, Vitol's Head of Investments and Development and Head of Transition, stated that "we wish Mike Nakrani, VEV's CEO, and his team great success in the next stage of the company's growth. Their experienced team is uniquely positioned to meet the growing demand for fleet electrification across Europe and significantly contribute to the 6,000 vehicles we have already served."
The change will provide VEV with funding to support its next phase of expansion across Europe as an independent company, including France, Germany, and the Netherlands.
The investment comes from Jolt Capital V, a fund seeking to raise USD 1.1 billion to finance the growth of approximately 20 advanced technology European companies, with Tesi participating as a co-investor.
Clara Audry, General Partner at Jolt Capital, Europe's largest private equity firm dedicated to growing cutting-edge technology, affirmed that "technology has transformed the way consumers manage energy; commercial transport is now at a similar tipping point. As fleets electrify, the challenge lies in intelligently managing the flow of energy between vehicles, depots, and electricity grids. Success will belong to companies that combine software, energy expertise, and operational execution at scale."
"VEV is one of the few European platforms that brings together these capabilities, and it already supplies power to over 20% of the UK's heavy fleet energy market. We are excited to support the company in its next stage of growth and in building a leading platform in the electric mobility sector," Audry added.
VEV's approach to fleet electrification is based on VEV IQ, an intelligent energy and charge management platform that provides fleet operators with real-time visibility and control of vehicles, chargers, and on-site energy assets through a single system. The platform has been deployed at over 600 sites in the transport, logistics, and waste management sectors.
Mike Nakrani explained that "for fleet operators, the challenge is no longer simply choosing electric vehicles. It's about integrating infrastructure, energy, and operations reliably, cost-effectively, and scalably. We see electric vehicles as a fundamental part of the future energy system, where vehicles, charging infrastructure, on-site generation, and battery storage work together to strengthen resilience, reduce costs, and gain greater value from electrification."
"The company has expanded rapidly as the sector moves from initial adoption to large-scale deployment. We see significant opportunities ahead through strategic acquisitions and continuous product innovation, leveraging our expertise in transport and energy to help customers electrify their fleets at scale. Vitol's support allowed us to consolidate the company in a rapidly evolving market. Now, as an independent company backed by Jolt Capital and Tesi, we are in an excellent position to accelerate our expansion, broaden our capabilities, and provide support to customers across Europe," Nakrani concluded.
