The Manchester-based national EV charging network, Be,ve, has secured £55 million in debt financing from NatWest and KfW IPEX-Bank, a German state bank in a landmark debt raise for the industry.
The deal will help accelerate the public EV charging roll-out, which has thus far failed to meet the needs of EV drivers. With only 5,336 locations in the UK offering rapid and ultra-rapid charging, most of which are in London, Be.EV’s newly acquired funds will be enough to provide over 7 million miles of extra range per hour for drivers outside the M25.
The debt raise is a strong vote of confidence from the banking industry in the UK’s early-stage public charging sector, and the investment from a foreign bank is also a testament to the UK’s green economy.
The expansion will serve communities across the UK who don’t have access to rapid and ultra-rapid charging. The majority of chargers the new money will support will be ultra-rapid – technology that can charge a typical EV to 80% in 20 minutes.
The funds will also help Be.EV to cement its foothold in Manchester and the North West, where they’ve already installed more than 600 charge points for the 1 million registered plug-in vehicles in the region.
These chargers are accessible to all members of the public, with the 35,000 Be.EV members able to charge their EVs at discounted rates. The chargers will be powered by renewable energy from Octopus Energy, the UK’s largest electricity supplier, ensuring the move to a totally green transport system is achieved.
Asif Ghafoor, CEO of Be.EV, said: “The financing from NatWest and KfW IPEX-Bank serves as a huge vote of confidence in our mission to provide reliable ultra-rapid charging to communities that have been left behind by the transition to electric vehicles.
“This sizeable commitment from NatWest and KfW and the continued support from Octopus Energy Generation paves the way for future investments in the industry, which ultimately benefits the EV driving community and helps the Government’s Zero-emission-vehicles by 2035 mandate.
“It proves that investors, both domestic and international, are confident in the UK’s transition to EVs and its importance in transitioning to a net zero economy.”
