Accelerating heavy transport electrification

In France, road freight transport accounts for 90% of commercial exchanges and represents 7.5% of greenhouse gas emissions. The sector plays a major role in the economy and is identified as a priority lever for decarbonisation⁽¹⁾. At the European Union level, new targets set in 2024 aim to reduce emissions from new heavy trucks by 45% from 2030 and by 90% from 2040 (compared to 2019). Today, the most advanced solution is the development of electric trucks.

Electric trucks: a solution on the right track

Beyond reducing emissions and pollution, electric trucks also offer financial benefits: while an electric truck currently costs more upfront than its diesel counterpart, charging is cheaper than refueling, and maintenance costs are lower⁽²⁾. With ambitious targets and tight deadlines, manufacturers are ramping up production.  As fleets grow, the success of heavy truck electrification now depends on the charging network.

Charging infrastructure: a critical challenge

In France and across Europe, public charging infrastructure requirements have been set for secure truck parking areas and along the Trans-European Transport Network (TEN-T). The current pace is insufficient to build the necessary public infrastructure for fleet growth⁽²⁾. 
Depot charging is a major strategic priority. In France, out of 600,000 registered trucks, more than one-third operate on short routes (delivery, construction, waste collection…) with a daily return to the depot. Nearly 50% perform regional transport, returning to the depot every day or every other day. Current battery technology allows these trips to be completed on a single charge, followed by recharging upon return to the depot. From an economic standpoint, the goal is to achieve parity with diesel, despite a higher initial purchase cost. While public charging will play a role in the future, depot charging already offers better cost visibility for carriers today. Major players have already widely adopted this model, confirming its relevance. Depot charging will be the backbone of the system, while public hubs will serve as a complement.

Europe’s first non-recourse project financing dedicated to electric truck charging stations

Societe Generale recently financed a landmark project to accelerate the deployment of truck charging stations in France, supporting Zetra, a young French pioneer in heavy electric mobility. The company develops, finances, and operates charging stations in road carriers’ depots. This financing will enable the rollout of 80 charging stations serving carriers and shippers of all sizes. It marks a first in Europe: the first non-recourse project financing specifically dedicated to electric truck charging stations. The transaction was made possible through a debt facility provided by Societe Generale to finance emerging leaders in the ecological transition.
Societe Generale acted as Structuring Bank, Mandated Lead Arranger, Sole Lender, Hedge Provider, Facility Agent, and Account Bank for Zetra. By supporting this project, the Bank aims to foster the electrification of road transport in France at a pivotal moment. This transaction illustrates its expertise in financing and advisory for infrastructure and sustainable transport. It also reflects Societe Generale’s commitment to supporting the rise of new players, technologies, and innovative solutions driving the transition to a low-carbon economy.