Germany-based electric vehicle (EV) charging group Ionity is reportedly planning to sell a minority stake.

The company, which is owned by Volkswagen and Daimler among other automobile companies, aims to earn between €400m ($479m) and €500m ($597m) through the stake sale.

France-based banking group BNP Paribas has been appointed to help with the process, with non-binding bids due after Easter.

Several companies have shown interest in acquiring the stake, including Macquarie, EQT, Meridiam, OMERS and IFM. Ionity is thought to have held preliminary talks with some of these companies.

Insiders have said that investors may receive a 20%-25% stake in the company.

In a statement, Ionity said: “We are in constant dialogue with our joint venture partners and are examining further investment opportunities for the expansion of the fast-charging infrastructure. In principle, additional shareholders are welcome for the joint venture.”

BNP Paribas and the prospective investors declined to comment or were not immediately available for comment.

Ionity was founded in 2017 with the aim of installing 400 charging slots across Europe by last year. There are currently 336 stations in operation and a further 39 under construction.

The company claims its charging points can deliver a meaningful charge for EVs in minutes, at a capacity of up to 350kWh.

Other EV charging companies have been the target of mergers with special purpose acquisition companies (SPAC). Last month, US-based firm ChargePoint merged with Switchback Energy Acquisition Corporation to become a public company.

Now operating as ChargePoint Holdings, the company’s market value currently stands at $7.95bn.