Got net-zero news, project updates, or product launches to share? UK government to install 1,000+ EV charge points by 2025 with £55m boost.
Be.EV, the national EV charging network based in Manchester, has successfully secured £55m in debt financing from NatWest and KfW IPEX-Bank, marking a significant milestone in the industry.
The partnership between the charge point operator, UK high street bank, and German state bank will empower Be.EV to expand its charging network to over 1,000 rapid and ultra-rapid charge points by the end of 2024.
This funding signifies a major achievement in a burgeoning sector for debt financing, demonstrating a robust vote of confidence from the banking industry in the viability of public charging infrastructure investments. The backing from Germany’s KfW IPEX-Bank also highlights strong international endorsement of the UK’s efforts.
Octopus Energy Generation has further reinforced its commitment to Be.EV by allocating additional funding as part of the £110m cash injection announced in 2022. Octopus’ investment, executed on behalf of the Sky fund (ORI SCSp) it manages, holds a majority stake in Be.EV.
The bulk of the chargers supported by the newly acquired funds will be ultra-rapid, addressing the scarcity of rapid and ultra-rapid charging options in the UK, currently limited to only 5,336 locations.
Moreover, this financial boost will enable Be.EV to consolidate its presence in Manchester and the North West, where it has already installed over 600 charge points accessible to the general public. These charge points offer discounted rates for the 35,000 Be.EV members and are powered by renewable energy from Octopus Energy.
Asif Ghafoor, CEO of Be.EV, expressed: “The significant commitment from NatWest and KfW, alongside the continued support from Octopus Energy Generation, lays the groundwork for future investments in the industry, benefiting the EV community and advancing the Government’s zero-emission vehicles target by 2035.”
“This demonstrates that both domestic and international investors trust in the UK’s transition to EVs and its crucial role in steering towards a net zero economy,” he added.
Andreas Ufer, member of the management board of KfW IPEX-Bank, commented: “We are delighted to welcome Be.EV as a new client and contribute to the advancement of e-mobility infrastructure in the UK. Our mission is to support the mobility transition through our financings in Europe and worldwide, driving the shift towards decarbonisation in our societies.”
