Be.EV Secures £55m Investment to Expand UK Public Charging Network
Electric vehicle charging network Be.EV has announced a landmark £55 million debt raise from NatWest and the German KfW IPEX-Bank.
This significant investment will accelerate the expansion of Be.EV’s public charging network across the UK, aiming to exceed 1,000 rapid and ultra-rapid charge points by the end of 2024.
This deal marks a major milestone for the burgeoning public charging sector, demonstrating strong confidence from the banking industry in its growth and viability. It also highlights NatWest and KfW IPEX-Bank’s commitment to supporting the transition to net zero.
The collaboration with KfW IPEX-Bank, tasked with strengthening the German and European economy, also signifies international confidence in the UK’s green economy. Octopus Energy Generation continues to support Be.EV, contributing further funding from its previously announced £110 million investment.
The new funds will enable Be.EV to expand its charging network, focusing on installing ultra-rapid chargers capable of charging an EV to 80% in just 20 minutes. This expansion will particularly benefit communities lacking access to rapid charging infrastructure, helping to bridge the gap in EV accessibility across the country.
Currently, the UK has only 5,336 locations offering rapid and ultra-rapid charging for over one million EVs, most of which are within the M25. Be.EV aims to decentralise this infrastructure, making EV charging accessible to local communities nationwide.
The investment will also solidify Be.EV’s presence in Manchester and the North West, where it has already installed more than 600 charge points for the region’s one million registered plug-in vehicles. All Be.EV chargers are publicly accessible, with 35,000 Be.EV members enjoying discounted rates. The chargers will be powered by renewable energy from Octopus Energy, ensuring a green and sustainable transport system.
Asif Ghafoor, CEO of Be.EV (pictured), expressed gratitude for the investment, stating, “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 commitment paves the way for future investments in the industry, benefiting the EV driving community and supporting the Government’s Zero-emission-vehicles by 2035 mandate.”
Bruce Riley, Managing Director and Head of Energy Transition at NatWest, added, “We are determined to play an active role in the UK’s transition to a low carbon economy. Supporting Be.EV with this financing will drive the growth of its UK public charging network, accelerating the take-up of electric vehicles.”
Andreas Ufer, Member of the Management Board of KfW IPEX-Bank, commented, “We are glad to have won Be.EV as a new customer and thus help advance the e-mobility infrastructure in the UK. Our mission is to support the mobility transition with our financings in Europe and worldwide, driving the change towards decarbonisation in our societies.”
This investment underscores the critical role of financial institutions in driving the green economy and the essential infrastructure needed for a sustainable future.
