The Banque des Territoires, a subsidiary of France’s Caisse des Depots, said it would create a joint venture with Bump that would receive €100 million in investments to help companies shift to electric vehicles.

Installing charging stations requires a considerable investment for companies considering switching their vehicle fleets to electric.

The joint venture would finance the installation of Bump charging stations at company premises with the firms paying just for their use.

The first beneficiaries of the financing of EV chargers will be DPD logistics firm, as well as supermarket chains U and Monoprix.

Bump also provides companies with access to over 100,000 charging points across France, along with badges for tolls and parking garages.

“This collaboration with the Caisse des Depots represents a significant advance in our mission to assist companies in sustainable transitions of their fleets of professional vehicles,” Bump’s chief executive Francois Oudot said.

Bump aims to become the leader in corporate charging stations, as well as those deployed by retail chains for use by their clients, by installing 25,000 by 2030.

France’s state-owned electricity company EDF announced in February it had teamed up with infrastructure firm Morrison to build nearly 8,000 rapid charging stations in public parking lots between now and 2030.

That would nearly double the estimated 9,500 rapid charging points currently in operation in France.