Be.EV secures £55m for electric charging network

Be.EV, the Manchester-based electric vehicle charging network, said it secured £55 million in funding from NatWest and the German KfW IPEX-Bank.

“This substantial investment will not only help facilitate the expansion of our network to over 1,000 rapid and ultra-rapid charge points by the end of 2024, but also sets the stage for future investment for the wider EV charging industry,” said Be.EV.

“Among a series of milestones this year, this deal marks a pivotal moment for an emerging sector where bank investment has been challenging to say the least.

“This landmark debt raise, alongside our existing support from Octopus Energy Generation, signals a huge vote of confidence, both domestically and internationally, from investors in what we’re doing – right chargers, in the right places, with the right speeds.”

Currently, there are only 5,336 locations in the UK offering rapid and ultra-rapid charging, serving over one million EVs.

“We’re particularly excited about cementing our presence in Manchester and the North West, where we’ve already installed over 600 charge points,” added Be.EV.

“With this new funding, we’ll be able to support the 1 million registered plug-in vehicles in the region even better.”

Be.EV CEO 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.”

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.”

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.”