Information on the target
The target company, Sirec Energy, is a prominent player in the electrification of heavy-duty transportation in Greece. The firm has recently entered into a strategic partnership with VEV, a company specializing in energy management and charging solutions for commercial vehicles. This collaboration aims to develop and finance integrated electrification projects specifically for Greek heavy fleets, including buses and logistics vehicles. Sirec Energy's innovative approach positions it as a key facilitator in the transition to electric transportation in a market that is currently grappling with significant capital constraints.
Industry overview in the target’s specific country
The Passenger Transportation, Ground & Sea (NEC) industry in Greece is undergoing a transformative phase, driven by the national energy plan that allocates €4 billion for electric buses and heavy-duty trucks by 2030. Despite the ambitious targets, the adoption of electric vehicles (EVs) has been inconsistent. In 2025, Greece registered 85 electric trucks, but this figure dropped significantly to just seven in the first half of 2026. This fluctuation highlights the challenges faced by the industry, including high upfront costs and the need for robust infrastructure.
Greece's heavy-duty vehicle fleet is among the oldest in the European Union, with an average age of 22.9 years for trucks and 17.2 years for buses. This aging fleet presents a pressing need for modernization, particularly as 95% of the trucks are over a decade old. The transition to electric vehicles is not just a matter of technology but also hinges on financial viability. The cost of electric trucks is currently two to three times higher than that of diesel counterparts, creating a significant barrier for fleet operators who must also consider the costs of charging infrastructure and energy contracts.
Moreover, the regulatory landscape in Europe is evolving, with stringent CO2 emissions standards for heavy-duty vehicles coming into effect. These regulations are intended to drive the adoption of electric vehicles, yet Greece's market remains underdeveloped compared to other EU nations. Countries like Germany, the Netherlands, and France dominate the electric truck registration statistics, leaving Greece at a disadvantage. The lack of a consistent growth trend in electric vehicle registrations indicates that public procurement, rather than operator demand, is currently driving the market.
The rationale behind the deal
The partnership between Sirec Energy and VEV is strategically designed to address the financing gap that currently hampers the electrification of Greece's heavy-duty transportation sector. By offering an integrated service model that bundles vehicles, charging infrastructure, and energy management into a single contract, the partnership aims to alleviate the upfront capital burden on fleet operators. This innovative approach allows operators to transition to electric vehicles as an operating cost rather than a capital expenditure, making it more financially feasible for them to adopt electric technology.
Information about the investor VEV, recently acquired by Jolt Capital and Tesi, is a leader in the energy management and charging solutions sector, operating its VEV IQ platform across over 6,000 commercial vehicles worldwide. The company has established a …