Be.EV secures £55m to support 300+ charge points
The Manchester-based infrastructure company will use the money raised from NatWest and the German state bank KfW IPEX to reach its goal of installing more than 1,000 rapid and ultra-rapid EV charging points by the end of 2024.
The two banks have provided £55m in debt financing to Be.EV, which is also supported by a £100m cash injection from Octopus Energy Generation. Octopus also provides the electricity needed for the vehicles to charge.
Be.EV said that the debt finance would allow it to provide more than 7m miles of extra charge per hour for drivers outside of London.
Already the group has installed more than 700 live charge points throughout the country, including dozens in Greater Manchester.
Most of the new charge points installed will be ultra-rapid units, capable of helping a standard electric vehicle reach 80% charge in 20 minutes.
Asif Ghafoor, chief executive of Be.EV, said: “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.
He continued: “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.”
Explaining why NatWest got involved in Be.EV, the bank’s managing director and head of energy transition, Bruce Riley, 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.”
KfW IPEX-Bank’s member of the management board, Andreas Ufer, added: “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.”
DLA Piper provided legal advice to Be.EV on the deal, with Eversheds Sutherland representing the two banks. EY was the debt raise advisor on the deal. Arup was the technical and commercial consultant. Osborne Clark acted for Octopus Energy Generation.
Absolutely bonkers that a German state bank will see the profits/return arising from this investment and the British state can’t. Just mad that (effectively) foreign state investment is fine yet UK publicly backed investment is not. Maybe, finally, the Labour touted GB Energy could take a role in future infrastructure provision (although the current focus is renewables development). Some would say it doesn’t matter where the investment comes from as long as it gets done, but the offshoring of clear/no-brainer profits to other states really grinds.
By Sceptic
I’m glad it’s not public money they flushing down the drain- Ev adoption is going backwards – thank goodness
By Stuart wood