Vitol has agreed to sell its shareholding in VEV, a commercial fleet electrification firm, to Jolt Capital, Europe’s largest private equity firm dedicated to growth deeptech and Tesi, Finland’s state-owned investment company.
Founded by Vitol in 2023, VEV combines fleet strategy, charging and energy infrastructure, energy supply and operational services in a single offering, reflecting the convergence of the transport and energy sectors. Today the business serves 6,000 commercial EVs across Europe, including more than 5,000 in the UK.
Eduard Ruijs, Head of Investments and Origination & Head of Transition, Vitol, said: “We wish Mike and the team every success on the next stage of VEV’s growth journey. VEV’s experienced team are well placed to serve the growing demand for fleet electrification across Europe and add significantly to the 6,000 vehicles already served.”
The VEV release can be found here.