Manchester-headquartered EV charging network Be.EV has closed a debt raise of £55 million from NatWest (invested in Zenobē and Coadjute) and the German KfW IPEX-Bank. This follows the £110 million from Octopus Energy Generation.
Funds utilisation
The funds will be used to drive the expansion of Be.EV’s charging network, which is on track to operate more than 1,000 publicly accessible rapid and ultra-rapid charge points nationwide by the end of 2024.
The expansion will serve communities across the UK who don’t have access to rapid and ultra-rapid charging. The amount will be used to support the ultra-rapid technology that can charge a typical EV to 80% in 20 minutes. Also, it will help the company cement its foothold in Manchester and the North West, where it has already installed over 600 charge points for the one million registered plug-in vehicles in the region.
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.”
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.”
What role does Be.EV play?
Currently, only 5,336 locations in the UK offer rapid and ultra-rapid charging, which currently serve over one million EVs. Most of these are located within the M25 or London Orbital Motorway.
Founded by Asif Ghafoor alongside Paul Kirby and John Curtis, Be.EV is on a mission to make EV charging accessible to local communities nationwide. Touted to be one of the fastest growing EV charging networks in the UK, the company currently manages a growing network of over 700 live charge points with an additional 300+ charge points built for go-live across the UK by the end of 2024.
It focuses on providing publicly accessible, rapid, and ultra-rapid Charging Hubs conveniently located on busy routes, at dwell destinations, and in the hearts of communities nationwide.
What do we think about Be.EV?
Be.EV is making important strides in expanding EV charging infrastructure across the UK, addressing a critical need for accessible rapid and ultra-rapid charging points. Its efforts, supported by substantial investments, aim to ensure equitable access to EV charging, fostering the UK’s transition to a low-carbon economy and supporting the government’s zero-emission goals.
