NatWest and IPEX-Bank back Be.EV with £55m.

Be.EV, the electric vehicle charging network, has recently secured a significant debt raise of £55 million from NatWest and the German KfW IPEX-Bank. This financial milestone marks a strong vote of confidence from the banking industry in the emerging public charging sector, indicating that it is a promising investment, according to the company.

Building on its recent success, Be.EV received further support from Octopus Energy Generation as part of a £110 million cash injection announced in 2022. This additional funding will fuel the expansion of Be.EV’s charging network, aiming to have over 1,000 rapid and ultra-rapid charge points accessible to the public across the UK by the end of 2024.

With the financial boost, Be.EV plans to solidify its presence in Manchester and the North West region, where more than 600 charge points have already been installed to accommodate the 1 million registered plug-in vehicles in the area.

Despite the growing demand for EV charging infrastructure, there are currently only 5,336 locations in the UK offering rapid and ultra-rapid charging services. These locations cater to over one million electric vehicles, with the majority situated within the M25 area.

Asif Ghafoor, the CEO of Be.EV, expressed his optimism about the recent funding, stating, “The financing from NatWest and KfW IPEX-Bank is a significant show of support for our mission to provide reliable ultra-rapid charging solutions to communities that may have been overlooked in the electric vehicle transition.”

“This substantial commitment from NatWest and KfW, alongside the continued backing from Octopus Energy Generation, sets the stage for future investments in the EV infrastructure sector. Ultimately, these developments benefit EV drivers and contribute towards the government’s goal of zero-emission vehicles by 2035,” Ghafoor added.

Bruce Riley, the Managing Director and Head of Energy Transition at NatWest, emphasised the bank’s dedication to facilitating the UK’s shift towards a low-carbon economy by supporting initiatives like Be.EV. He stated, “Accelerating the adoption of electric vehicles is a key aspect of this transition, and we are proud to have assisted Be.EV in expanding its public charging network.”

Similarly, Andreas Ufer, a Member of the Management Board of KfW IPEX-Bank, highlighted the bank’s commitment to advancing e-mobility infrastructure in the UK through partnerships with companies like Be.EV. He said, “It is our mission to drive the transition towards decarbonisation in our societies by supporting initiatives that promote sustainable mobility, both in Europe and globally.”

The recent funding success of Be.EV signifies a positive step towards the widespread adoption of electric vehicles and the establishment of a comprehensive charging infrastructure across the UK. By securing support from leading financial institutions and energy companies, Be.EV is well-positioned to drive innovation and sustainability in the EV sector, benefiting both consumers and the environment.

Image courtesy of Shutterstock.


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