The National Wealth Fund* (NWF) has committed a £55m investment to support Connected Kerb in its expansion of the UK’s on-street EV charging network.
The NWF’s financing alongside a further £10m ordinary equity investment from Aviva Investors, the global asset management business of Aviva plc, will support the UK-based chargepoint operator’s plans to grow its charging network towards 40,000 sockets, up from the 9,000 already built by the end of 2024.
John Flint, National Wealth Fund CEO, says: “To get to net zero we need to make it as easy as possible for people to change the way they do things. Providing convenient and reliable on-street charging is key to helping those without driveways make the switch to EVs. Our investment in Connected Kerb will support one of the UK’s leading public chargepoint operators to continue its network expansion and deploy this much-needed EV charging infrastructure at pace and at scale to homes and businesses across the country.”
Chris Pateman-Jones, Connected Kerb CEO, says: “This investment combines Connected Kerb’s proven hardware and advanced software infrastructure with the financial resources of NWF and Aviva to deploy public charging at scale, to all corners of the UK. This is a game-changing investment that will give individuals and businesses the confidence to make the switch to driving electric, dramatically reducing carbon emissions and air pollution. We are delighted to have such high profile investors who are deeply aligned with our sustainability and ethical goals.
Future of Roads Minister Lilian Greenwood adds: “Our chargepoint network is going from strength to strength, and it’s brilliant to see Connected Kerb secure a £65m boost to expand its charging network – a great vote of confidence in the EV transition. The funding follows a record of nearly 20k public charge points added last year. With a further £6bn in the pipeline from industry by 2030, the switch to EVs is driving investment across the country, supporting jobs and making the UK a clean energy superpower to deliver our plan for change.”
*The National Wealth Fund is operationally independent but is wholly owned by HM Treasury. It has £27.8bn to help drive growth across the UK.