Manchester-based electric vehicle charging network Be.EV has secured £55m in debt financing to roll out public charge points across the UK, with a focus outside of London.
The financing came from high street lender NatWest and Germany’s KfW IPEX-Bank. Octopus Energy Generation also provided a follow-on investment through the Sky fund, a majority shareholder in Be.EV.
Be.EV said it will use the capital injection to roll out more than 1,000 rapid and ultra-rapid charge points across the UK by the end of the year.
“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,” said Asif Ghafoor, CEO of Be.EV.
“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.”
Founded in 2019, Be.EV has created an open network of pay-as-you-go chargers with an optional membership scheme. The company says it currently has 600 charge points in the North West of England and a further 100 elsewhere in the UK.
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.”
In 2022, Be.EV secured £110m from Octopus Energy Generation, one of the largest funding rounds in Manchester that year.