EV charging network Be.EV has secured £55 million in funding from NatWest and the German KfW IPEX-Bank to grow its network to more than 1,000 rapid and ultra-rapid charge points by the end of 2024.
The company said the debt raise – alongside the firm’s existing support from Octopus Energy Generation – signals a huge vote of confidence, both domestically and internationally, from investors.
Currently, there are only 5,336 locations in the UK offering rapid and ultra-rapid charging, serving more than one million EVs.
The company is focusing on strategic placement of public chargers to make these figures work in favour of areas that currently lack the appropriate EV charging solutions.
It is focused on cementing its presence in Manchester and the North West, where it has already installed more than 600 charge points.
Asif Ghafoor, Be.EV CEO 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.
“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.
“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.
“This deal was completed very quickly, which wouldn’t have been possible without the hard work of our partners and advisers, who I am grateful to for their endless support in getting this landmark deal over the line.”
