Octopus Energy-backed EV charging network Be.EV raises £55m
EV charging network Be.EV, which is backed by Octopus Energy, has raised £55m from Natwest and Germany’s KfW IPEX-Bank.
The Manchester-based company said the funding would help it expand its network to over 1,000 rapid and ultra-rapid charge points by the end of 2024.
The deal comes after Octopus Energy Generation invested up to £110m in Be.EV .
Also among the company’s shareholders are its chief executive, Asif Ghafoor, chief operating officer Adrian Fielden-Gray and Caffè Nero CEO Will Stratton-Morris, who serves as chairman.
‘Huge vote of confidence in our mission’
Be.EV chief executive Asif Ghafoor 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.”
Natwest ‘determined to play an active role’
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 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.”