Engenie, one of the UK’s rapid charging networks, claims it has secured funding which will enable it to double the current number of rapid charge points in the UK by 2024.
Its plan is being funded by a £35m investment commitment from Cube Infrastructure Fund II.
Engenie says it will install more than 2,000 rapid charging points across the UK. These will be at accessible public sites, including supermarkets and retail parks, enabling EV drivers to charge quickly and easily at convenient locations.
“The EV market is marching into the mainstream. Private companies are now seizing the EV investment opportunity and nearly 75% of car buyers are considering an EV as their next vehicle,” said Ian Johnston, the CEO of Engenie.
“Those organisations offering public car parking can position themselves for the future by providing new value to customers and driving increased footfall by installing rapid chargers. The EV tipping point is coming and this significant investment commitment positions us at the forefront of this burgeoning market.”
Zap Map recorded 2,189 rapid chargers across the country at the end of May 2019, so this deal will double the current number available. Engenie is planning to have rapid chargers installed at more than 100 sites by Christmas.
Renaud de Matharel, CEO of Cube Infrastructure Managers, said: “With transportation representing about 40% of total energy consumption in the UK and air pollution becoming a fast-growing concern, we see new mobility solutions as a critical factor in achieving energy transition targets and implementing climate change policies.
“Over the last decade, the funds managed by Cube Infrastructure Managers have invested in public transport operators and renewable energy generation companies actively involved in developing and operating sustainable energy and passenger transport platforms. Electro-mobility, which is lying at the intersection of these two sectors, is an integral part of our new fund’s investment focus. By investing in Engenie, we intend to accelerate the deployment of its rapid EV charging infrastructure, providing over the long term, an increasingly essential service to local communities across the UK, consistent with our high ESG standards.”
Welcoming the announcement, Poppy Welch, head of Go Ultra Low, the joint government and industry campaign to promote the uptake of electric vehicles, commented: “The UK is already home to one of Europe’s biggest rapid chargepoint networks and Engenie’s commitment to adding a further 2,000 units will make it even easier for motorists to access rapid chargers on the go.
“The new rapid chargepoints will be an invaluable addition to the UK’s ever-expanding network. With more than 24,000 chargepoint connectors at almost 9,000 locations, there are now more places to charge your car on the go than there are petrol stations.
“The increase in the availability of chargepoints across the length and breadth of the country, including rural locations as well as towns and cities, means it has never been more convenient to own and run an electric car.”
Engenie works in partnership with landowners to deliver fully funded and maintained rapid charging units, powered by renewable energy. In the last year it has announced new partnerships with Marston’s Inns and Taverns, M7 Real Estate and Cardiff Council.
Engenie’s charging points require no membership or connection fee and operate a simple contactless payment method. It says each 50kW charger is compatible with all EVs on the market.
Pictured above from left: Stéphane Calas, managing director, Cube Infrastructure Managers; Ian Johnston, CEO, Engenie; and Rahul Kumar, senior investment manager, Cube Infrastructure Managers.