The Development Bank of Wales has earmarked £2.18m to back the launch of a new company called Electra Nest, which will focus on acquiring and installing EV chargepoints.
The DBoW is a government-owned bank that offers financial support to Welsh businesses and homeowners, and the chargepoint money is comprised of a mix of debt and equity. The fund will see the completion of two new EV charging hubs at Pembroke Dock and Pyle Garden Centre, while a third site, near Llanelli, is already up and running.
Electra Nest is a joint venture between the Development Bank of Wales, Nest EV and Sustainable Energy Group, and it aims to create an EV charging ‘corridor’ on and around the M4 motorway, with chargers that deliver electricity significantly more cheaply than that sold by existing chargepoint firms.
Christian Roberts, director at Nest EV and co-founder of Electra Nest says the new company “is about doing things differently. We’re building a charging network that’s futuristic, data-led and genuinely affordable without being greedy. Our price points are extremely competitive compared to motorway charging, but the model still delivers sustainable margins.”
