Be.EV plans North West EV charger expansion with new £55M debt funding

Electric vehicle charging network Be.EV has raised £55 million to expand its EV charger installations and said it will target expansion in Manchester and the North West, for the region’s million EV owners, and the ultr-rapid charging option.
The debt raise came from NatWest and the German KfW IPEX-Bank. Be.EV said it was a strong vote of confidence from the banking industry that the relatively new public charging industry is a sound investment. It came as Octopus Energy Generation allocated more funding as part of a £110 million cash injection announced in 2022. The Octopus’ investment was made on behalf of the Sky fund (ORI SCSp) it manages, which has a majority stake in Be.EV.
Be.EV said it is on track to operate more than 1,000 publicly accessible rapid and ultra-rapid charge points nationwide by the end of 2024. The chargers will be powered by renewable energy from Octopus Energy.

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.”

Leave a Reply

Your email address will not be published. Required fields are marked *