Believ secures £300m funding for 30,000 new chargers

Public charging operator Believ has secured multi-million-pound funding to help install at least 30,000 more charge points around the UK.

The £300 million funding deal from private and government-backed sources makes Believ one of the UK’s best-backed operators as the country looks to rapidly expand its charging network.

The UK government wants at least 300,000 public chargers to be operational by 2030. The latest figures from Zapmap show there are currently 80,000 charge points across the country and this latest funding is seen as a major boost towards reaching the 2030 target.

Believ will work with public and private sector organisations to deliver a variety of charging solutions across different locations. A large portion of the funding will go towards extending Believ’s on-street network providing kerbside charging in residential areas where off-street parking is in short supply. The money will also be used to expand en route charging options with new ultra-rapid hubs, and to install infrastructure in rural and other under-served areas to make the transition to electric vehicles easier.

The money has come from Zouk Capital, which manages the government-supported Charging Infrastructure Investment Fund (CIIF), along with Liberty Global, Santander, ABN Amro, NatWest and MUFG.

Massimo Resta, partner at Zouk Capital, commented: “This landmark investment is a major moment – not just for Believ, but for the UK’s electric future.

“The EV market is at an inflection point. EV penetration is expected to accelerate driven by the arrival of new mass-market vehicles at attractive price points. The EV charging rollout required to support the transition needs long-term private investment with strong partners. With this level of funding, Believ has the commercial strength, operational expertise, and local insight to deliver what communities and landowners need – on-street, town-centre, destination, and on-route charging – at real scale and pace.”

Lilian Greenwood, Minister for the Future of Roads, welcomed the announcement as a major step forward for the country’s charging network. She said: “We’re working hard to ensure all drivers can charge easily and conveniently – no matter where they are. Believ’s investment is a brilliant vote of confidence in the transition to electric and another fantastic example of Government and industry working together to roll out tens of thousands of chargepoints across the country.”

The government has pledged £200m to help expand the country’s public charging network, on top of the £318m Local Electric Vehicle Infrastructure (LEVI) Fund, which provides financial support for local councils to install chargers.