Be.EV announces £55 million cash injection to accelerate growth of UK public charging network
The deal signals a strong feeling of confidence in the banking industry that the relatively new public charging industry is a sound investment. It also demonstrates the commitment of NatWest and KfW IPEX-Bank to net zero and strengthens the UK green economy by serving as an endorsement of the UK from abroad.
The expansion will serve communities across the UK who don’t have access to rapid and ultra-rapid charging. The majority of chargers the new money will support will be ultra-rapid – technology that can charge a typical EV to 80 percent in 20 minutes.
Octopus Energy recently demonstrated its continuing commitment to Be.EV with further funding as part of the £110 million it announced in 2022. The investment was made on behalf of the Sky fund (ORI SCSp) that Octopus Energy manages, which has a majority stake in Be.EV. These funds will also help Be.EV to cement its foothold in Manchester and the North West, where they’ve already installed more than 600 charge points for the 1 million registered plug-in vehicles in the region.
These chargers are accessible to all members of the public, with the 35,000 Be.EV members able to charge their EVs at discounted rates. The chargers will be powered by renewable energy from Octopus Energy, the UK’s largest electricity supplier, ensuring the move to a totally green transport system is achieved.
There are currently only 5,336 locations in the UK that offer rapid and ultra-rapid charging, which currently serve over one million EVs. Most of these are located within the M25, and Be.EV is on a mission to make EV charging accessible to local communities across the country.
“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” said Asif Ghafoor, CEO of 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. 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.”
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