Engenie, a London-based company specialising in electric vehicle (EV) rapid charging, has received a substantial capital investment from Investec, which the company says will enable it to reach its network target of 1,500 rapid chargers across the UK.
According to Engenie, its technology can charge a car in less than 30 minutes, which will fall to 10 minutes with the introduction of ultra-rapid chargers.
Engenie is partnering with commercial property owners and local authorities to develop a network of charge points strategically located throughout major centres and trunk routes. Locations will include retail parks, supermarkets, hotels, restaurants, petrol stations, commercial developments and on-street charging.
The company’s rapid and ultra-rapid charging stations are free for landlords, with no reliance on Government subsidies. Engenie will charge drivers a per-kWh charging rate, which covers the infrastructure and ongoing costs. Users are able to pay via contactless credit/debit card or Apple Pay.
Jeremy Littman, founder and managing director of Engenie, commented: “Investec has demonstrated considerable confidence in both our business model and the technology which underpins Engenie’s approach.
“Our in-house team has extensive expertise in real estate and retail, and we’ll also be working closely with fleet managers to facilitate a transition to electric vehicles, without the need for costly investment.
“We are working with a number of private and public landlords to continue the rollout of our market-leading EV charging points at multiple locations, and we’re looking forward to working closely with Investec in the months to come.”
Maurice Hochschild of Investec added: “Electric vehicles address significant pollution problems in major cities, and will in future be cheaper for consumers than traditional combustion engine vehicles. We expect EVs to be a major factor in the fourth industrial revolution and a significant contributor in helping to improve the environment in which we live.
“Investec is pleased to be working with Engenie as a consumer-focused charging provider. We intend to help them grow to be a leading, national provider of public, rapid EV chargers in the UK. This will help overcome one of the hurdles to private and commercial adoption of EVs, and this funding round represents a strategic investment in an early pioneer in an area which will shape the future of transport.”