EV charging company char.gy has secured an increase in funding for the rollout of its on-street charge points, from £65 million to £100m
With the new investment provided by Zouk Capital, char.gy aims to grow its network from more than 3,000 chargepoints today to 100,000 by 2030, supporting the transition for up to one million drivers.
Since its inception, char.gy has partnered with UK councils, facilitating the installation of public charge points through the CIIF, a £420m public-private fund established by the UK Government in 2019.
The fund, managed by Zouk Capital, aims to accelerate the deployment of EV charging infrastructure across the UK.
Char.gy’s initial £6.4m investment in 2021, followed by a second round in 2022 bringing the total to £65m, has now culminated in this third round, bringing the total investment to £100m.
Capable of deploying more than 500 charge points per month, the company is accelerating its rollout to help meet the estimated requirement of 300,000 public chargers needed in the UK by 2030.
John Lewis, char.gy CEO, said, “We are delighted that with Zouk’s continued support, we will continue to expand our on-street charging network, making EV ownership viable for more individuals reliant on public charging, supporting their transition to sustainable transport.
“The latest funding will help us accelerate our ambitious growth plans and will be directed towards the rollout of more charge points across the next five years.”
George Ridd, Partner Zouk Capital, said, “Zouk’s increased commitment to char.gy comes at a pivotal time as the EV charging market experiences exponential growth.
“Collaborating with dedicated partners like char.gy allows local authorities to provide accessible, reliable charging infrastructure to their residents now and into the future.”
