EV charging network Be.EV has announced a debt raise of £55m from NatWest and the German KfW IPEX-Bank.
The company will use the money to reach its goal of having more than 1,000 publicly accessible chargepoints nationwide by the end of this year. The majority of chargers the new money will support will be ultra-rapid, which can charge a typical EV to 80% in 20 minutes.
The deal comes as Octopus Energy Generation continues its commitment to Be.EV, with further funding allocated as part of the £110m cash injection announced in 2022.
The funds will also help Be.EV to cement its foothold in Manchester and the North West, where it has already installed more than 600 chargepoints for the one 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.
Asif Ghafoor, CEO of Be.EV, said: “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 EVs.
“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.”
