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Greater Manchester EV charging network, Be.EV has announced a debt raise of £55 million to strengthen its nationwide expansion.
Be.EV recently completed installation of a new EV charging hub in Stockport at Romiley Precinct as part of a £15 million deal with Stockport Council to deliver 100 new charging points at 20 sites across the borough.
The landmark deal with NatWest and the Germany’s KfW IPEX-Bank serves as a strong vote of confidence from the banking industry that the relatively new public charging industry is a sound investment, and demonstrates their commitment to delivering net zero.
The Be.EV network already includes over 600 charge points for the 1 million registered plug-in vehicles in Greater Manchester and the North West, and is on track to operate over 1,000 sites across the UK by the end of the year. The latest injection of funds will be used to further expand of Be.EV’s charging network, and comes alongside a £110 million investment from Octopus Energy Generation announced in 2022.
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 majority of which are currently located within the M25.
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.”
“This deal was completed very quickly, which wouldn’t have been possible without the hard work of our partners and advisors, who I am grateful to for their endless support in getting this landmark deal over the line.”
Bruce Riley, Managing Director and Head of Energy Transition at NatWest, said:
“We are determined to play an active role in the UK’s transition to a low carbon economy and accelerating the take up of electric vehicles is a crucial part of the transition. We are delighted to have supported Be.EV with this financing which will drive the growth of its UK public charging network.”
Andreas Ufer, Member of the Management Board of KfW IPEX-Bank said:
“We are glad to have won Be.EV as a new customer and thus help advance the e-mobility infrastructure in the UK. It is our mission to support the mobility transition with our financings in Europe and worldwide and drive the change towards decarbonisation in our societies.”
Advisors on the deal included Arup (technical and commercial), DLA Piper (Be.EV’s long-standing legal advisor), Eversheds Sutherland (legal for lenders), EY (debt raise advisor) and Osborne Clark (legal for Octopus Energy Generation).