UK electric vehicle (EV) chargepoint operator (CPO) Be.EV has announced a £55m cash injection from NatWest and Germany’s KfW IPEX-Bank.
The debt fundraise will be used to drive the expansion of Be.EV’s charging network to more than 1,000 rapid and ultra-rapid public chargepoints across the UK by the end of 2024.
To date, the company has installed more than 600 chargepoints in Manchester and the North West region and has amassed some 35,000 registered members.
Be.EV chargers are powered by renewable energy provided from Octopus Energy, one of the UK’s largest electricity suppliers.
READ MORE: Stockport Council and Be.EV deliver first of 20 EV charging hubs
According to Be.EV, there are currently some 5,336 locations in the UK that offer rapid and ultra-rapid charging, most of which are reportedly located within the M25.
Be.EV said the expansion of its chargepoint network aims to serve communities across the UK that do not have access to rapid and ultra-rapid charging technology.
Asif Ghafoor, CEO of Be.EV, said: “The financing from NatWest and KfW IPEX-Bank serves as a huge vote of confidence in our mission to provide reliable ultra-rapid charging to communities that have been left behind by the transition to electric vehicles.”
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The announcement comes as Octopus Energy Generation confirmed its ongoing financial commitment to Be.EV, with further funding allocated to the CPO as part of a £110m cash injection announced in 2022.
Octopus’ investment was made on behalf of ORI SCSp, the Sky fund it manages, which has a majority stake in Be.EV.
“This sizeable commitment from NatWest and KfW and the continued support from Octopus Energy Generation paves the way for future investments in the industry, which ultimately benefits the EV driving community and helps the Government’s Zero-emission-vehicles by 2035 mandate,” added Ghafoor.
“It proves that investors, both domestic and international, are confident in the UK’s transition to EVs and its importance in transitioning to a net zero economy.”
Advisors on the deal included Arup, DLA Piper, Eversheds Sutherland, EY and Osborne Clark.
Achievements and innovations in EV charging infrastructure will be celebrated at the third annual CiTTi Awards, which will be held on 26 November 2024 at De Vere Grand Connaught Rooms in London. Nominations are open now! Please visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector
