Believ Secures £300M to Install 30,000 EV Charge Points UK

Greetings, Net Zero News Community,

In a significant stride towards a greener future, Believ, a leading Electric Vehicle (EV) charge point operator (CPO) in the UK, has secured a remarkable £300 million investment facility. This funding will enable the installation of at least 30,000 charge points, vastly improving access to public EV charging across the nation and marking a pivotal moment in the transition to electric mobility.

This substantial investment, which positions Believ among the UK’s most well-supported CPOs, has been spearheaded by its joint owners, Liberty Global and Zouk Capital, the latter being Europe’s foremost private equity investor in the EV charging sector. Additionally, four prominent retail and infrastructure financing banks—Santander, ABN Amro, NatWest, and MUFG—have joined forces to back this initiative.

The latest financing round is a critical step in expanding Believ’s public charging network, a necessity for encouraging drivers to make the switch to electric vehicles. The UK government has set an ambitious target of 300,000 public charge points by 2030, a substantial increase from the current figure of just over 80,000. The urgency of this investment cannot be overstated; it reflects a commitment to ensuring that the necessary infrastructure is in place to facilitate the widespread adoption of electric vehicles.

Long-term reliability and financial certainty are vital components influencing the successful deployment of EV charging infrastructure. With this £300 million investment facility, Believ solidifies its position as a commercially sustainable entity within the sector. The funding not only enhances Believ’s reputation as a reliable and resilient partner but also instils further confidence in its existing and prospective partnerships with local authorities and businesses.

Believ is set to collaborate with both public and private sector organisations to provide optimal charging solutions in strategically chosen locations. This approach exemplifies how private investment can be harmonised with local government initiatives and business efforts to strengthen public transport infrastructure. The anticipated outcome is a boost in electric vehicle uptake, which will contribute to improved air quality and a reduction in carbon emissions from transport.

Guy Bartlett, the CEO of Believ, articulates the significance of this funding, stating, “It recognises the scale of investment required and the urgency of the need. Confidence in EVs will continue to grow as drivers see more infrastructure going into the ground. At Believ, we are very proud to be at the heart of this journey.” His sentiments highlight the crucial role that infrastructure plays in shaping public perception and acceptance of electric vehicles.

Jonathan Pearson, Chairman of Believ and CFO of Liberty Growth at Liberty Global, adds, “The funding announced today demonstrates the potential of partnering with the public sector in the UK to create the critical EV charging infrastructure required for a greener future. With Virgin Media O2 on board as a delivery partner and leveraging Liberty Global’s financing expertise, we look forward to Believ rolling out much-needed EV charge points throughout the UK.”

The excitement surrounding this investment is palpable, with Massimo Resta, Partner at Zouk Capital, stating, “This landmark investment is a major moment—not just for Believ, but for the UK’s electric future.” He emphasises the current inflection point in the EV market, predicting that EV penetration will accelerate due to the introduction of new mass-market vehicles at appealing price points. Resta further highlights the necessity of long-term private investment to support the infrastructure rollout required for this transition, asserting that with this level of funding, Believ possesses the commercial strength, operational expertise, and local insight to deliver the charging solutions communities need, including on-street, town-centre, destination, and on-route charging at scale.

Zouk Capital, recognised as the manager of the UK Government-anchored Charging Infrastructure Investment Fund (CIIF), has already made seven successful investments in the EV sector, solidifying its position as the preeminent private equity investor in European EV charging.

The UK government has pledged a significant £2.3 billion to facilitate the industry’s shift towards electric vehicles. This includes a £200 million budget aimed at expanding public charging and a dedicated Local Electric Vehicle Infrastructure (LEVI) Fund, amounting to £381 million for local authorities in England. When combined with the substantial private investments exemplified by Believ’s recent financing, the public charging network across the UK is poised for unprecedented growth. This initiative is crucial to ensuring that EV drivers can conveniently charge their vehicles, irrespective of their location.

Lilian Greenwood MP, Minister for the Future of Roads at the Department of Transport, expresses her enthusiasm for the developments, stating, “We’re working hard to ensure all drivers can charge easily and conveniently—no matter where they are. Believ’s investment is a brilliant vote of confidence in the transition to electric and another fantastic example of Government and industry working together to roll out tens of thousands of charge points across the country.”

She continues, “We’re delivering our Plan for Change by investing over £2.3 billion to help industry and consumers make a supported switch to EVs, alongside securing international trade deals and backing British carmakers to drive investment, protect jobs and put money in the pockets of working people.”

For Believ, a significant portion of the investment will focus on on-street residential locations, aimed at assisting drivers without off-street parking in transitioning to electric vehicles. Furthermore, considerable funding will also be allocated to rapid and ultra-rapid charging hubs, as well as to rural and underserved areas, ensuring that the shift away from petrol and diesel vehicles is inclusive and equitable.

Recent contract wins for Believ include a groundbreaking agreement with Suffolk County Council, marking the first awarded and signed LEVI contract. In addition to this public sector achievement, Believ boasts a robust pipeline of projects in the private sector, with several agreements to be announced soon.

In conclusion, the £300 million investment secured by Believ is not merely a financial milestone; it is a transformative leap towards establishing a comprehensive EV charging infrastructure in the UK. As drivers increasingly embrace electric vehicles, the importance of accessible and efficient charging solutions cannot be overstated. This investment is a testament to the collaborative efforts of the private sector and government in building a sustainable transportation ecosystem. Together, we are paving the way for a cleaner, greener future, where electric vehicles are the norm rather than the exception.

As the journey towards net zero continues, the role of innovative companies like Believ and their commitment to expanding EV infrastructure will be pivotal. We look forward to witnessing the positive impact of these developments on our communities and the environment as we stride confidently towards a sustainable future.