The EV Network, (EVN), a developer of high-powered EV charging stations, has secured £50m funding for construction of its first round of projects.
EVN plans to use the initial commitment to develop about 100 locations, each with multiple ultra-fast charge points.
The funding will be provided by clean energy investor Sustainable Development Capital (SDCL).
EVN has a target of building a £200 network of high-powered EV charging hubs across the UK.
Lord Barker, chairman of EVN, said: “Securing this substantial project level funding isn’t just great news for EVN and all our stakeholders but a terrific shot in the arm for the whole UK electric vehicle sector.”
Reza Shaybani, co-founder and CEO of EVN, said: “I am delighted that we have achieved this important milestone in our company. Our unique business model offers charge point operators (CPOs) a fully funded, turn-key solution to high-powered EV charging. This investment will enable us to contribute massively to the required infrastructure for the green mobility of the future.”